Venezuela Inflation Spikes Amid Earthquake Aftermath

In July, Venezuela's inflation rate surged to 19.9% from June's 13.8%, influenced by dual earthquakes in late June. Despite this rise, the central bank forecasts a decline in August as distribution issues ease. Year-on-year inflation now reaches 579.96%, according to Reuters calculations.

Venezuela experienced a sharp rise in inflation in July, with rates climbing to 19.9% from the previous month's 13.8%, as reported by the central bank on Wednesday.

The bank attributed the increase to the temporary effects of two destructive earthquakes in late June, which severely affected the distribution of goods across the country.

Despite this surge, officials expect a reduction in inflation for August. The current year-on-year inflation stands at an overwhelming 579.96%, based on figures from the central bank and calculations by Reuters.