Utility rates in Venezuela up 55% in 12 months

The increase in electricity rates implemented in Venezuela since August 1 contributed to higher inflation last month. Figures provided by the Central Bank of Venezuela (BCV) show that only in August the inflation rate recorded in the Household Services item, comprising all utilities except for phone services, stood at 8.1%. The BCV explained the result was linked to "the authorized adjustment in residential electricity rates." Following this increase, prices have climbed 55% in 12 months. More…