President of Venezuela's central bank: "One-digit inflation requires work"

President of the Central Bank of Venezuela (BCV) Nelson Merentes asserted that society needs "to work hard," to increase production, and avoid price speculation in order to achieve a one-digit inflation rate.

Over this year, Merentes has underscored that one-digit inflation levels would be achieved in three-year time, a goal that had already been set in 2008, when currency conversion was implemented.

He also questioned projections made by the International Monetary Fund suggesting that inflation would hit 23.2% in 2012 and 28.8% in 2013, private TV channel Globovisión reported.

Likewise, Elías Eljuri, the President of the National Institute of Statistics (INE), stated that one-digit inflation is a feasible goal, because, overall, control policies, food supply, and production have been improved. He added that inflation is to remain at 18% in 2012.