Macroeconomic Forecast Venezuela

Consumer price inflation ticked up in April, rising to 29.4% year-on-year. We have maintained for some time that despite the recent declines, we have not yet seen the worst of the Venezuelan inflation rate. Indeed, we are calling for CPI to rise further to 40.0% by end-2009 and believe that there remains a possibility of triple digit inflation if the current policy mix is maintained.

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