EL UNIVERSAL
SUHELIS TEJERO PUNTES

Minister of Planning and Development Haiman El Troudi reported that the National Consumer Price Index (NCPI) was 1.7 percent in April, similar to the previous month.

Nevertheless, the minister pointed out that there is a trend towards lower inflation rates, in comparison with those recorded in the first three months of the year.

He reminded that inflation in January rose 3.1 percent, dropping 2.1 percent in February and 1.7 percent in March. The latter figure remained unchanged in late April.

The Central Bank of Venezuela (BCV) stated in a press release that the price of five categories of services exceeded the average price recorded by NCPI last month. Prices soared in public transportation services (2.8 percent), restaurants and hotels (2.1 percent), healthcare services (2 percent), food and non-alcoholic beverages (1.8 percent), and miscellaneous goods and services (1.8 percent).

On the contrary, the items that showed a lower increase in April were rent rates (1.0 percent); communications (0.2 percent), and public utilities (0.0 percent).

The minister of Planning and Development informed specifically that NCPI in Caracas was below the national average in April.

Close to two digits
In the first quarter, NCPI has increased by 8.9 percent, according to El Troudi.

The items showing the highest increases comprise restaurants and hotels (up 14.2 percent so far this year), transportation (12.9 percent), healthcare services (12.5 percent), and non-alcoholic beverages and cigarettes (11.8 percent) in January-April this year.

The services recording a more moderate inflation rate were public utilities -excepting phone services. Public utilities climbed 1.4 percent, while communications services soared 1.9 percent in the first four months this year. Education services prices increased by 5.4 percent.

Further, the information provided by BCV shows that fish products soared 17.9, while prices in the agribusiness sector expanded 11.6 percent in the same period.

Regarding NCPI for goods, the previous situation implies an 8.4-percent increase between January-April, while, regarding inflation in services, there is a 9.6-percent increase. 

Goals
Although the indicators show that inflation hit 8.9 percent in the first four months, the Venezuelan government still believes it may accomplishing the inflation goal set for 2008, which the BCV has already increased from an original 11 percent.

According to El Troudi, forecasts suggest that inflation rates might be around 19.5 percent in 2008. He also stated a few days ago that the inflationary impact caused by a 30-percent increase in the minimum wages of state workers -decreed by Venezuelan President Hugo Chávez- would have no inflationary impact.

Translated by Karina Gómez P.