Venezuelan inflation shoots up to 22.5%

The Central Bank of Venezuela said on Wednesday that inflation in the metropolitan area of Caracas, the country's capital, hit 22.5% in 2007, the highest official rate in Latin America.

Rodrigo Cabezas, Venezuela's finance minister described the rate, which is more than ten percentage points above the 12% target that Hugo Chavez set at the start of last year, as "unsatisfactory."

Inflation for the region was up from 17% in 2006. But the monthly rate of inflation did drop slightly in December to 3

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