Food inflation rises to 2% in January

Venezuela's inflation rate stood at 1.5% in January, according to a report prepared by the Central Bank of Venezuela (BCV). Food and non-alcoholic beverages, which rose by 2% compared to the previous month, were among the items with the highest price increases in Venezuela's nationwide consumer price index (NCPI).

Alcoholic beverages and tobacco were the items that showed the highest variation (3.3%) during the first month of the year. Restaurants and hotels (1.9%) and health (1.8%) were the other two items above the monthly average.

Year-to-year inflation was 26%, lower than 27.6% at the end of last year, said the report prepared by the central bank.

The BCV report also highlighted that Maturín (northeastern state of Monagas) was the most expensive city in Venezuela in January 2012 (2.1% inflation). San Cristóbal was the second most expensive city (1.6%).

The BCV added that the shortage index reported its highest level (16.2%) since January 2008. The shortage index in December 2011 was 15.2%.

With reporting by Ender Marcano