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Venezuela Says Inflation Is Slowing. Don't Laugh. It Actually Is

30 May 2019 15:50 | Divjot S. Mehton (Administrator)

When Venezuela suddenly dumped years of unpublished economic data onto its central bank’s website late Tuesday night, the most glaring trend that emerged was a slowdown in hyperinflation this year.

Venezuelans immediately scoffed at such a notion, and the skepticism is understood, of course, given how little credibility the embattled Nicolas Maduro regime has at this point.

But the odd thing is that the central bank report actually appears to be right in broad brush strokes: Inflation is slowing. Not only does the Bloomberg Cafe Con Leche Index show this -- the annual rate is down to 99,900% from 224,900% at the end of last year -- but so does the currency market, where the pace of the bolivar’s plunge against the dollar has eased markedly.

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