The Venezuelan
Central Bank (BCV) has released its log delayed report on
inflation for the last three months. Inflation in June reached 4.4%, 4.1% in
July, and 3.9% in August. Inflation since January has reached 39%, and 63.4%
since this month last year.
Analyst Luis Vicente
Leon says the BCV is reporting reliable data, but presenting it in a biased
form: “The data from the BCV is adequate. The problem is the manipulation of
the dates of publication and the bias of the analysis.”(@luisvicenteleon)
This is what the BCV
has to say in its report:
“In short, the monthly
variation of the Consumer Price National Index slowed down in August for the
third consecutive month, thus reaching the lowest level observed since March,
when the results of the indicator began to be affected by the political conflict
induced by the economic war, which obstructed the normal behavior of productive
activities, and the distribution of essential goods demanded by the Venezuelan
population.”
In its previous
report issued in April, the BCV had already blamed inflation on the
Economic War. In that report the BCV subscribed the government’s explanation of
events and claimed that “…a radical group from the opposition, guided by its
urge to gain power by any means, without consideration for constitutional order
or the will of the people, did not doubt putting into action various
initiatives to generate political destabilization, promote political tensions,
produce a climate of chaotic political and of economic unease that would
stimulate social insurrection, and even provoke the intervention of their
foreign allies.”
Update September 11: In this article for Prodavinci, Luis Vicente León says that “errors, omissions, and recalculations reasonably weaken the credibility of the [BCV] data for the markets.”
Update September 11: In this article for Prodavinci, Luis Vicente León says that “errors, omissions, and recalculations reasonably weaken the credibility of the [BCV] data for the markets.”
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.