CARACAS, Tuesday November 06, 2012 | Update
INFLATION | Accumulated inflation at 13.4%

As reported by the central bank, prices in October shot up 1.7%

Sectors with the most rapid acceleration included education services at 3.5% and food and beverages at 1.7%

Foodstuffs moved up 2.6% last month (File photo)
Tuesday November 06, 2012  02:40 PM
The Central Bank of Venezuela (BCV) has released the results of the price performance in October, which advanced 1.7%, that is, 1.8% lower than prices the same month in 2011, but above 1.6% recorded in September 2012.

The BCV report states that accumulated inflation stands at 13.4%, the lowest level ever since the indicator started to be tracked, taking into account the whole country.

Likewise, based on the report, prices advanced 17.9% on an annualized basis. In this way, inflation for this year is expected to end behind the goal set in the domestic budget between 20% and 22%.

By October of last year, annualized inflation hit 26.9%, whereas accumulated inflation stood at 22.7%.

A breakdown of sectors found that education services sped up the most at 3.5%. Food and non-alcoholic beverages, with the highest profile in the index, gained 2.6% in October.
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According to forecasts made in August by National Oceanic and Atmospheric Administration (NOAA), repercussions of El Niño Southern Oscillation (ENSO) phenomenon would be enhanced at least until March 2016.

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