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Bolivia reports second lowest inflation in South America

La Paz, Dec 22 (Prensa Latina) Bolivia has reported the second lowest inflation in the region, Minister of Economy and Public Finance Marcelo Montenegro said at a press conference recently.

“Bolivia currently has an accumulated inflation of 1.5 percent until November. It is a historically low inflation compared to the past,” noted the Minister, who recalled that in 1985 the country had an accumulated inflation of 8,171 percent.

He ratified that the economic policy implemented by the Government of President Luis Arce “will always look for ways and methods to guarantee that the popular economy is not affected,” and stressed that Bolivian authorities use mechanisms to protect the family basket, the Bolivians’ pockets, the purchasing power based on an effort of fiscal policy, especially in the monetary field.

“It is clear that the national government will always monitor and be the guardian of the popular economy,” he stressed.

Bolivia’s position contrasts with the situation of other economies affected by inflation rates above 5 percent and even two or three digits.

“We consider that this is an important achievement of the economic policy of the national government and it shows comparatively that Bolivia has made big efforts so that the inflationary phenomenon throughout the region, and in many parts of the world, does not affect us,” stressed the minister, who noted that in January and February 2023, frost, hails and drought, in addition to the conflicts in Peru, affected potato supplies.

He added that between May and August droughts and frosts linked to the El Niño phenomenon generated losses in onion and potato crops, which worsened with the exports of those vegetables to Peru.