The BCV indicated that with this percentage, the accumulated inflation in the first five months of 2024 reached 7.8 percent and the accumulated inter-annual inflation totaled 59.2 percent.

The items that reported the highest increase in the period were food and non-alcoholic beverages (1.9 percent), followed by education services (1.8 percent), restaurants and hotels (1.8 percent), miscellaneous goods and services (13 percent), clothing and footwear (1.3 percent), health care (1.1 percent) and transportation (1.0 percent).

President Nicolás Maduro said on June 1 that in late May Venezuela had reached the lowest inflation rate in the last 20 years.

At a meeting with cadres of the United Socialist Party of Venezuela in Maracaibo, in the state of Zulia, in the northwestern part of the country, the president pointed out that this Consumer Price Index is sustained “in work and production.”

“I can tell business people, workers and the country today that in May, Venezuela had the lowest inflation since 2004,” Maduro added.

The head of State recalled that in 2019, inflation reached 329,000 percent, and emphasized that the country could withstand it with “courage, morale, spirit and because the people said here no one surrenders and no one surrendered, and we will continue moving forward!” he noted.

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