January 31, 2006
Venezuelan inflation steady in January

(Associated Press) - "January inflation rate was 0.8 percent, similar to the previous month and down from 1.9 percent from the same period last year, the central bank (BCV) said.

It was the lowest rate registered for the month of January in 18 years, BCV said in a statement.

The bank said the prices of products not subject to government controls had a 'smaller increase' than in previous months.

Prices increased at an annual rate of 13.1 percent during the 12-month period ending in January, down from 18.5 percent from the same period a year earlier.

President Hugo Chávez' government imposed capital and price controls on the economy in February 2003 in order to stem capital flight and inflation amid political instability caused by a massive oil strike. Some 400 basic food products and services were brought under price controls.

Inflation last year closed at 14.4 percent. The government is estimating inflation in 2006 will be around 10 percent"