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%.
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."