Friday, November 7, 2008

Government concedes inflation over 27 percent

Venezuela's inflation in 2008 will go beyond 27 percent,
as estimated by the government some months ago, in view of accrued inflation of 24.7 percent from January through October, said Minister of Economy and Finance Alí Rodríguez on Friday.

'It is worrisome. It will be somewhat higher than my initial estimate,' Rodríguez told AFP on leaving a meeting with a delegation of Russian politicians and businessmen on visit to Caracas. The minister thinks that the price hike could stand at 28-29 percent this year. 'We will continue developing policies in order, firstly, to curb it, and then, reduce it,' added Rodríguez.

Experts put the annual inflation rate around 30 percent, because during November and December prices speed up due to growing liquidity.

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