Published: 02/03/08
Editor’s Note: One of the principal attacks on the Chavez administration has been its performance in controlling inflation. Historical data from 1983 onwards illustrates how the media campaign is just political propaganda. The forces behind this media onslaught are the same ones whose inflation performance was simply a disaster for the Venezuelan people. This really is a case of “the pot calling the kettle black”.
- LMB
The annual average inflation rate of the last four presidential periods shows that that achieved by the current administration is the lowest with 18.4%.
The highest rate registered was during the government of Rafael Caldera, Chávez’ predecessor, when the average rate was 59.4%.
President Chávez underlined this fact when questioning accusations from the opposition according to whom one of the greatest failures of the present administration was inflation.
Chávez pointed out that the last presidential period of Carlos Andrés Pérez (1989-1993) was characterized by an average inflation rate of 45.3%.
The graphs shown by the President of the Republic in order to support his arguments demonstrated that the annual inflation rate nearest to the 18.4% corresponding to the last nine years, was registered during the Lusinchi mandate
(1984-1988) with 22.7%.
Graph below illustrates annual inflation in four presidential periods:
Source: Venezuelan Central Bank (BCV)
Chávez showed these figures during a special discourse transmitted on Saturday, February 2nd, from Miraflores Palace on the occasion of completing nine years as head of the National Executive.
Finally, Chávez called upon his ministers and the Venezuelan people to continue fomenting economic and social well-being in the country. He referred to key statistics such as the reduction of extreme poverty by 54%, which declined from 42.5% of the population in 1996 to 9.4% in 2007.
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Original link: http://www.aporrea.org/actualidad/n108552.html
Translation Axis of Logic
