Transport costs in Venezuela up 59.7% in 2014

Transport costs stand out among the five groups of goods and services recording the highest inflation in 2014 in Venezuela, according to figures disclosed by the Central Bank of Venezuela (BCV). The items reporting the highest inflation include: food and non-alcoholic beverages (102.2%), spirits and tobacco (90.8%), restaurants and hotels (81.4%), education services (60.8%), and transport (59.7%). Transport costs grew by 9.5 percentage points over a year. This year, a 40%-increase in public transport fares has already been announced, to be implemented in April and August. More…