Economy
Venezuela's consumer prices climbed 1.9 percent in October, the Central Bank of Venezuela said on Thursday.

Inflation has soared 20.7 percent in the first 10 months of the year, four percentage points lower than the same period last year (24.7 percent). Meanwhile, the annualized inflation rate was 26.7 percent, which remains the highest in Latin America.

October's figure was down from September's inflation rate which stood at 2.5 percent.

The government forecasts that the consumer price index will reach 26 percent in 2009. Venezuelan financial authorities expect the inflation rate in 2010 to fluctuate between 20 percent and 22 percent.

Central Bank President Nelson Merentes said that Venezuela's goal is to reach one-digit inflation in 2012, when presidential elections are scheduled, Reuters reported.