Venezuela's Inflation Rate Sees July Slowdown

Venezuela's monthly inflation rate dropped to 0.7% in July from 1% in June, according to the central bank. Year-to-date inflation hit 9.7%, and annual inflation climbed to 43.6%, as calculated from central bank data.

Monthly inflation in Venezuela slowed to 0.7% in July, the central bank reported on Friday, a decrease from 1% in June.

According to data published by the monetary authority, inflation for the year through July reached 9.7%. Annual inflation surged to 43.6% for the month, based on a Reuters calculation of central bank statistics.

The deceleration of monthly inflation may indicate a modest improvement in the country's economic situation, but the consistent rise in annual inflation highlights ongoing financial challenges.

(With inputs from agencies.)