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Venezuela February inflation was lowest since 2014 -Breaking


© Reuters. Street vendor selling fruits in Venezuelan dollars, Caracas. October 1, 2021. REUTERS Manaure Quintero

CARACAS, (Reuters) – Venezuela’s consumer inflation rate fell in February to 2.9%. This is the lowest number in the past eight years according to Friday’s statement by the central bank.

In an attempt to stabilize the bolivar/dollar exchange rate, President Nicolas Maduro’s government has made cuts in spending on the bolivar currency from the second half last year.

According to Reuters calculations based upon data from central banks, the February figure brings 12-months’ inflation down to 340.4%.

The inflation rate was 6.7% in January. It has been at this level since February 2014.

Many families struggle to survive despite slowing inflation.

Maduro, on Thursday, announced an increase in Maduro’s monthly minimum wage from $1.60 to the equivalent $29

The highest percentage increase was in communications at 23.1%. Education grew 17.5% over January.

Foreign currency has been able to move more freely since 2019, thanks to the loosening economic controls by the government. It also provided some relief for some industries.

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