Inflation hit 1.9 percent last July, resulting in an accrued rate over the first seven months of 2008 at 17.3 percent, reported on Thursday the Central Bank of Venezuela (BCV).

The BCV monthly report said that for the second month in a row, inflation slowed down. July numbers were lower as compared to 2.4 percent recorded last June.

Based on the paper, price performance came together with "a significant decline of the shortage index and increasing diversity of products in the market," DPA quoted.

The report stated that the price slowdown was apparent in some commodities, including rice, ready-cooked corn flour, pasta, wheat flour, beef, poultry and vegetables.

The government decided to change its inflation rate for this year, from 11 to 18 percent. The accrued inflation rate in 2007 accounted for 22.5 percent.