Tuesday September 23, 2008

Venezuela inflation rate hits 5-year high of 34.5% in Aug 2008

bloomberg.com :

Venezuela's annual inflation rate accelerated for the 11th consecutive month. Consumer prices measured by the central bank's benchmark Caracas index climbed 34.5% in Aug 2008 from a year earlier, the fastest pace in more than 5 years. Food prices continued to drive inflation, rising 51% from a year ago. Earlier this year, Venezuela suffered from widespread shortages of basic staples like milk and beans.

- With this, Venezuela is more or less 1/3 of the way to triple-digit inflation, which would really be something. From that point on, it's Zimbabwe catch-up time. That is kind of odd for an oil-producing country, especially one that is considered one of the largest crude oil exporters to the US.

(2008-09-23 21:04:11 SGT) [Biz] Permalink

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