According to the latest report from the Inflaciometer of the Observatory of Public Expenditure of Cedice Libertad, the cost of living in Venezuela continued to climb positions in both bolivars and dollars.
Between March 15 and 30, the average consumption of 61 goods and services by a family of 3 people in Caracas, Maracaibo and Valencia reached 12,030.87 Bs per month, which represents an increase of 3.75% in the second half of March. This level of consumption requires the investment of 69 full wages of Bs.175, that is, a little more than two full wages per day.
“The same basket purchased in US dollars reached the value of US$ 493.07 per month, which represents an increase of 2.8% between March 1 and 30,” revealed the study carried out by the economist Oscar Torrealba, researcher at the Cedice Public Expenditure Observatory.
In absolute terms, in March prices increased 6.59% in national currency, while they reported an increase of 4.03% in dollars.
The year-on-year price variation in Caracas, as of March 30, 2023, was 507.76% in national currency, while in foreign currency it was 11.09%.
The OGP report warns that the most inflationary items last month were food, with an average consumption – for only three people – of 5,453.33 bolivars, services 3,157.33 bolivars, perfumery and personal care 1,062.23, recreation and leisure 1,007 .44 bolivars and transportation 565.33 bolivars.
In foreign currency, the segments that reported the most costs were services $129.40, perfumery and personal care $43.53, recreation and leisure $41.29, restaurants $32.17.
The OGP study shows that the Cedice Basket – made up of 61 items – costs per month in Caracas: 13,465.66 bolívares and 551.87 dollars, Maracaibo: 11,876.77 bolívares and 486.38 dollars. Valencia: 10,759.19 and 440.95 dollars.
With information from EFE
