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."