After a stretch of hyperinflation that neared an estimated 2 million percent a year, Venezuela posted the smallest consumer price increase for January in more than a decade.

The monthly inflation print stood at 1.7%, the lowest rise recorded for the start of the year since 2012, reined in by a drastic cut in government spending and Chevron Corp.’s additional dollar supply. The feat marks the eleventh-straight month of one-digit inflation and the smallest price jump since March 2022.