Food Prices in Venezuela Skyrocket: Doubling in First Half of 2023
The price of food in Venezuela doubled during the first half of the year, signifying a significant acceleration compared to the same period last year when they experienced a double-digit semi-annual increase for the first time since 2015.
Data from the Central Bank of Venezuela (BCV) indicates that the inflation rate for food and non-alcoholic beverages between January and June 2023 was 100.6%, slightly below the overall rate of 108.4% during that period.
On the other hand, official figures show an annualized increase in food prices up to June of 414.1%, significantly higher than the 146.1% figure recorded in the same month last year.
The BCV does not publish the value of the food basket, nor does the National Institute of Statistics (INE) which discontinued its publication almost 10 years ago. However, the Venezuelan Observatory of Finance (OVF) indicated that as of the sixth month of 2023, 11,141.93 bolivars (approximately $398 at the official exchange rate) were required to cover basic needs, representing a 417% increase compared to the same period in 2022.
