Inflation

Cendas: Inflation in Venezuela rising 1.5 percent daily

According to Oscar Meza, Director of the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas), inflation in Venezuela is rising by almost 1.5 percent each day and could reach 450 percent by the close of November 2016 (Tal Cual, 28 November 2016). Meza added that a Venezuelan must earn nineteen minimum wages to afford the price of the basic food basket, compared to 1998, when two minimum wages were required to purchase the basic food basket (Globovisión). President of polling firm Datanálisis Luis Vicente León stated on 28 November that in 2017, Venezuela will experience the highest levels of inflation in its history, exceeding the 2016 inflation rate by 400 percent (Panorama). 

Chilean inflation figures for October lower than expected

Chile's National Statistics Institute (INE) released its monthly inflation figures on 7 November 2016. The figure for October was 0.2 percent, slightly below the expected 0.3 percent. Combined with the rest of 2016's figures, this amounts to an accumulated 2.9 percent inflation rate for 2016. The category of goods and services experiencing the sharpest price increase in October 2016 was Transport (1 percent increase) and Housing and Basic Services (0.3 per cent). Conversely, food and non-alcoholic drinks prices decreased by 0.4 percent (La Nación). Treasury Minister Rodri Valdés welcomed the news of slightly lower than expected inflation. Valdés explained this would help ongoing discussions about salary raises with public sector workers, given that the workers' demands and government's proposals were made under the expectation of 3.5 percent inflation by this point in the year (La Tercera).