According to Venezuela’s Central Bank (BCV), the inflation rate of construction sector in this April is 4.9% from previous month, 20.6% from last 4 months and 38.8% within 1 year. Just in this April, the steel construction materials such as rebar and mesh raised 7.5%, this number was merely 0.2% in last April and the accumulated number in last 12 months is 33.5%.
The main reason is that there is little domestic steel production, and almost all of it was oriented to national project Gran Mission. Therefore, private sector needs to buy materials from other countries but it is difficult to them to be able to change USD easily.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=64474&division=A2
