Venezuela's Consumer Price Index hit 2.3 percent in November, and accumulated inflation stood at 27.6 percent during the first eleven months of the year, reported on Friday the Central Bank of Venezuela (BCV). The official economic indicator combines inflation reports from 10 major Venezuelan cities.

The items showing the higher increases in November were food and non-alcoholic beverages (3.6 percent); various goods and services (2.7 percent); transportation (1.9 percent) and apparel and footwear (1.8 percent), AFP reported.

Caracas' inflation rate was 2.1% in November, for an accumulated index of 28.5 percent during the last 11 months.

According to the Central Bank of Venezuela, the index of shortage of supplies stood at 17.9 percent last November.

In 2007, Venezuela had the highest inflation rate in the Western Hemisphere with 22.5 percent. In mid-2008, the financial authorities projected an inflation rate of 27 percent for 2008, after their initial target of 11 percent was surpassed.