Venezuelan President announces lowest inflation in 20 years

At a meeting with members of the United Socialist Party of Venezuela in Maracaibo, in the northwestern state of Zulia, the president said this consumer price index is based “on work and production.”

“Today I can announce to businessmen, workers and the whole country that in May Venezuela recorded the lowest inflation since 2004,” Nicolas Maduro said.

Maduro also announced that in the fifth month of this year, the country's tax collection rose 158 per cent compared to the same period in 2023, which he said was part of strategic plans to rebuild the economy.

He noted that the funds could be invested in social plans in health, education, good governance and the development of workers and entrepreneurs. This is reported by Prensa Latina, a partner of TV BRICS.

This tax, he insisted, must go to the people because it must go hand in hand with economic growth and real restoration of the social potential of the people, he said.

The president mentioned other achievements such as the recovery of investment, credit, stability of the exchange rate system, and predicted an increase in oil production by at least one million 200 thousand barrels per day by the end of 2024, and set a target of two million next year.