HOUSTON - TelAve -- Single-digit monthly inflation had not been seen in Venezuela since October 2024, the last time the indicator reached comparable levels. Price acceleration intensified throughout 2025 and the first part of 2026, against a backdrop of heavy pressure on the exchange rate and contraction of the oil market.

Following the institutional transition of January 2026 and the assumption of office by Acting President Delcy Rodriguez, the executive implemented a sequence of measures: resumption of the periodic publication of BCV data, gradual normalization of foreign currency flows into the official market, reactivation of dialogue with the International Monetary Fund, and a salary adjustment for public employees.

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May's result fits into that sequence. Caracas-based consultancy Síntesis Financiera, in its June 1 report, attributes the moderation in prices to the BCV's support for the bolívar through exchange-rate interventions, amid a month in which public spending increased by 30%.

The monthly reading of 6.3% represents a decline of 4.3 percentage points from April (10.57%) and of 14.9 points from May 2025 (21.18%). In cumulative terms, inflation from January through May 2026 reached 101.97%, effectively doubling year-end 2025 prices in just five months.

The sectoral breakdown shows a heterogeneous pattern: Recreation and culture: 7.30%. Restaurants and hotels: 7.05%. Clothing and footwear: 7.00%. Food and non-alcoholic beverages: 6.27%. Alcoholic beverages and tobacco: 5.61%. Transportation: 5.26% monthly. Housing rental: 4.85%. Housing services (excluding telephone): 3.95%.

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Public spending, according to Síntesis Financiera's June 1 report, grew 30% during May. The Rodriguez administration simultaneously maintained a policy of regular foreign currency sales through the BCV, which helped contain pressure on the official exchange rate.

May's moderation does not resolve the structural imbalances of the Venezuelan economy. The year-to-date cumulative rate (101.97%) still places the country among the world's highest inflation economies. The bolívar's stability through BCV dollar sales depends on the regular flow of foreign currency associated with oil revenues.

May's inflation does not cancel accumulated imbalances, but it does mark a statistical inflection point after 19 months without a single-digit reading. The administration of Acting President Delcy Rodriguez is betting on the simultaneous sustaining of the bolívar, wage reconstitution, and institutional normalization as the pillars of its economic program.