Venezuela's inflation in December up 3.5%; ends at 20.1% in 2012
The food sector recorded the largest raise in prices during the last month of 2012 as it grew 5.7%. Shortage, meanwhile, reached its highest point ever since early 2008, at 16.3%
The BCV said that inflation throughout 2012 stood at 20.1%, slightly higher than the number estimated by the central bank president (19.9%) in his year-end message.
The sector with the largest rise was food prices (up 5.7%). Transportation climbed by 3.3%, while clothing and footwear, and restaurants and hotels jumped 3.1%. Leisure and culture increased by 2.7%.
Regarding the shortage index in the Metropolitan Area of Caracas, the central bank said it increased to 16.3% in December – the highest level since January 2008, when shortage hit its highest level ever at 24.7%.
At the recent UN climate summit President Nicolás Maduro gave a speech on global warming highlighting the fact that "Capitalism has ignored over decades nature's capacity to load and recover," and, accordingly, "if we want to change climate, we need to change the system."