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

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."