CARACAS, Thursday August 02, 2007 | Update
Minister of Finance Rodrigo Cabezas Thursday said that the
inflation rate between June and July (up 0.5 percent) shows
a meaningful slowdown of prices in Venezuela.
"The results in July are satisfactory for Venezuelans. Accumulated
inflation dropped 2.4 percent (from 19.4 percent to 17.2 percent).
Further, price indicators in Venezuela are sending significant
signals of slowdown. This is an encouraging result amid the
moves the government is making and will make over the five
months left to attain the inflation goal."
He countered claims that Venezuela is facing an economic
"catastrophe." "Results in July are not a catastrophe, as
inflation was 0.5 percent, very close to 0. This is highly
encouraging for the economic cabinet."
04:20 PM. Western Hemisphere. Colombian President Álvaro Uribe said on Tuesday that governments should ensure citizens' rights to live on the border, in reference to a political and diplomatic crisis with Venezuela and its effects on border residents.