Awwal 05, 1432 H/Feb 08, 2011, SPA -- Venezuela's Central Bank said that consumer prices rose 2.7 percent in January, bringing the 12-month inflation rate to 28.5 percent. Venezuela has had the highest inflation in the region for five years in spite of government-imposed price controls on many basic foods. AP cited a bank statement issued Tuesdayas saying the January rate was a percentage point higher than in the same month last year. The government has set a target of 23 to 25 percent annual inflation for this year. But some analysts predict Venezuela could close the year with the rate around 30 percent. The country ended 2010 with annual inflation at 27.2 percent.
