Venezuela's inflation rate stands at 27.9 percent per year

October 5, 2010 20:03

CARACAS, Venezuela  — Venezuelan officials on Tuesday said consumer prices rose 1.1 percent in September and that annual inflation stands at 27.9 percent.

Inflation last month was significantly lower than the 1.6 percent recorded in August, and the 2.5 percent in September 2009.The Central Bank said in a statement Tuesday that September's monthly inflation was the lowest since the country adopted a nationwide system of calculating inflation at the start of 2008. Accumulated inflation during the first nine months of 2010 has been 21.2 percent, higher than the 18.5 percent during the same period last year.

Venezuela's inflation has been Latin America's highest for five years despite price controls on many basic foods set by President Hugo Chavez's government

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