CARACAS: Venezuelan consumer prices increased 2.2 percent in November, accelerating from the 1.8 percent rise in October, the central bank said on Tuesday.
South America's biggest oil exporter has had the highest inflation rate in the Americas for several years. Inflation during the 12 months to November totalled 27.6 percent.
The high cost of living is a major factor for Venezuelan voters in the run-up to October 2012 elections when President Hugo Chavez will seek a new six-year term.
Economists expect little relief from inflation next year, when his socialist government is expected to boost public spending prior to the vote.
Housing services led the price rises in November at 5.0 percent, while alcoholic drinks and tobacco increased by 4.1 percent and non-alcoholic drinks and food rose 2.8 percent.
Overall, prices rose 27.2 percent during 2010, and government officials have forecast a similar figure for 2011.
Alberto Ramos of Goldman Sachs said he expected headline inflation to end the year at around 29 percent and remain high in 2012 because of under-investment in the economy and the impact of the spending expected ahead of the election
"These price dynamics are likely to lead to significant real currency appreciation and therefore a large VEF devaluation sometime after the October 2012 presidential election, likely in 2013," he said in a research note
Venezuela's bolivar currency remains overvalued, despite being devalued twice during 2010, economists say. Devaluations boost the cost of imports that Venezuela depends on, notably food
While critics lambaste socialist leader Chavez citing his economic policies for failing to tame prices, he notes even higher inflation before taking office in 1999.
Chavez supporters say headline inflation figures mask the government's work in providing subsidized food for the poor.
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