Venezuela · ECONOMY

Supermarket sales rose 21 percent in units sold from January to July, even as annual inflation hit 580 percent. A corn crop took a localized hit, and a Venezuelan businessman is reported to be advising the U.S. on oil deals.

Venezuela’s supermarket sales rose 21 percent from January to July 2026 per the national association. Annual inflation hit 579.96 percent to July, per Reuters from central bank data.

A Caracas supermarket shows prices in bolívares, as supermarket sales rose 21 percent in units sold in the first seven months of 2026.

Supermarket Sales Rise in Units, Not Bolívares

ANSA reported 21% growth in units sold from January to July 2026. President Italo Atencio gave the figure on 17 August 2026.

Because the series counts physical units, inflation does not inflate it. A 21 percent rise in units against roughly 580 percent annual inflation signals a real jump in purchasing volume.

The central bank, the BCV, reported monthly inflation of 19.9 percent for July 2026, up from 13.8 percent in June. Cumulative inflation from January to July reached about 175 percent, according to the BCV.

Cedice Libertad put annual inflation at 738.79% in bolívares, 35.17% in dollars; July monthly at 13.50%. That diverges from BCV’s 19.9% published 16-17 August.

Government Reports Food Consumption Up 9.6 Percent

Separately, President Delcy Rodríguez announced on 16 August 2026 that food consumption rose 9.6 percent in the first seven months of 2026. Protein consumption rose 11.80 percent, fats 6.99 percent, and cereals 4.78 percent, according to the government release.

The release does not specify whether the consumption figures are adjusted for inflation or measured in physical volumes. The supermarket data from ANSA provides a clearer picture of unit-level demand.

Corn Crop Hit by Heat, But Loss Is Localized

Drought caused an estimated 70% loss of corn on 2,500 hectares, per Confeagro’s Pablo Alvarado on 17 August 2026. Of that, 2,300 hectares are in Guárico; rest in Portuguesa and Anzoátegui.

That 2,500 hectares is a fraction; Fedeagro reported 325,000 hectares planted for winter 2026. The localized loss is roughly 0.5% of the national area.

In Guárico, board member Rafael Meza said 80,000 hectares are at risk from drought, per La Patilla on 14 August 2026. He also cited premature corn imports as a second threat.

Fedeagro’s Osman Quero said on 6 August 2026 planting levels stayed above 90% despite El Niño. He estimated white corn output at one million tonnes from 200,000 hectares.

Betancourt Reported to Be Advising U.S. on Oil

Bloomberg and Fortune reported on 17 August 2026 that Alejandro Betancourt, a Venezuelan businessman, is helping the U.S. administration identify promising energy assets, assess operational bottlenecks, and make industry connections.

The two outlets ran the same story; Fortune’s piece is the Bloomberg story republished under licence, headlined “Trump’s Venezuela Fixer Is Promoting ‘America First’ Oil Deals.”

Betancourt declined to comment on the reports. He has denied any wrongdoing and was never charged with a crime, according to Reuters on 31 July 2026.

Venezuelan authorities closed their probe without charges; he was never named in public court documents. The U.S.

Justice Department did not respond on the status of its own investigation.

On 31 July 2026, Mauricio Claver-Carone told Reuters Betancourt “had been helpful” bridging U.S.-Venezuela oil gaps. Claver-Carone left as unofficial envoy on 31 July, per sources forced out.

Legal Cases in Spain and Switzerland

A Spanish judge archived a money-laundering case against Betancourt, but the Audiencia Nacional reopened it on 2 June 2026. It involves about US$4.85 billion from a 2012 PDVSA loan to Atlantic Administrator.

Betancourt is under investigation, not charged, in that Spanish case. Switzerland’s probe is ongoing with an asset freeze; extradition request to UK was withdrawn in May 2026.

His companies include Derwick Associates and NABEP, producing about 200,000 barrels daily, Venezuela‘s second-largest private producer.

Oil Export Levels and Sanctions Context

Venezuelan oil exports reached 1.25 million barrels per day in May 2026, the highest level in seven years, according to U.S. Embassy charge d’affaires John Barrett on 8 May 2026.

June exports fell to 1.2 million barrels per day from 1.24 million in May, due to PDVSA terminal delays after two earthquakes.

The U.S. Treasury’s OFAC issued General License 50B on 10 June 2026, authorizing certain oil and gas transactions with listed entities.

That licence supersedes GL 50A from February 2026.

India’s ONGC reportedly secured a U.S. Treasury licence to resume full operations in Venezuela, according to the Economic Times on 16 August 2026.

The report doesn’t specify the licence type; ONGC has stakes in San Cristobal (40%) and Carabobo (11%). Over US$500 million in pending dividends are reported.

Exchange Rates: Official and Parallel

The BCV’s official rate stood at 756.70 bolívares per U.S. dollar on 6 August 2026.

The parallel, unofficial rate closed at 864.01 bolívares on the same day, according to Precio Dólar Paralelo, a gap of 14.18 percent.

By 17 August, official rate was 772.54 and parallel 858.01, an 11.06% spread, the narrowest of 2026. The spread ranged 12-15% in the first half of August.

All rates are nominal spot rates, not adjusted for inflation. The official rate is a daily reference from the central bank; the parallel rate comes from informal market monitors.

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Sources

• www.infobae.com
• incisos.com
• fortune.com
• www.bloomberg.com
• www.telesurenglish.net
• www.gisreportsonline.com
• www.elimpulso.com
• eldiario.com
• panorama.onl
• panorama.onl
• www.yahoo.com
• www.democrata.es
• energy.economictimes.indiatimes.com
• ofac.treasury.gov
• caracol.com.co
• bcv.today