ESPACIO PUBLICITARIO
CARACAS, Friday December 28, 2012 | Update
 
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ECONOMY

"Inflation is a pain in the neck," BCV President concedes

"No country can anticipate any step," the official cautioned

Merentes: “Speculation must be fought" (TV screen capture)
EL UNIVERSAL
Friday December 28, 2012  12:23 PM
Nelson Merentes, the president of the Central Bank of Venezuela (BCV) thins that while prices have slowed down in 2012, "inflation continues being an economic problem."

For this reason, he suggested an increase of public and private production. "Speculation must be fought (...) There is the need to be more efficient in food distribution."

The Venezuelan government set an inflation goal of 20-22% this year. Through November, the national annualized price index stood at 18%. Government authorities did not disclose the year results.

Merentes promised to keep on striving in 2013 towards one-digit inflation. However, he warned, "the public will feel less inflationary pressure only after 10 years with one-digit index."

On a potential economic upregulation, the BCV president commented that "no country in the world can anticipate measures. Whoever anticipates it makes a mistake. Economy has its own rules."
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"Cocoa is to Venezuelans what wine is to the French," says Alejandro Prosperi, head of the Venezuelan Chamber of Cocoa, using this simile to express the paramount importance or the cocoa industry for the country. Often times heralded as "the best cocoa in the world," a passion for quality dating back to the sixteenth century has made Venezuelan cocoa growers to enjoy high prestige at international level and their product to be among the most sought-after in the world.

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