UPDATE 2-Venezuela to study stimulus plans in Sept-Chavez

* Chavez says economic package unlikely to come soon

* Central bank sees inflation slowing

* Chavez downplays chances of gasoline price rise (Recasts; adds quote from Chavez, bullet points, byline)

By Robert Campbell

CARACAS, Aug 30 (Reuters) - Venezuelan President Hugo Chavez said on Sunday his economic team would study planned stimulus measures through September, downplaying expectations the government would act soon in an effort to restore economic growth.

Measures to bolster the economy have been expected since the central bank reported that the gross domestic product contracted by 2.4 percent in the second quarter, the first time quarterly output has shrunk in five years.

"We are going to extend the evaluation and keep examining scenarios to incorporate what happens in September and if there are any adjustments or changes needed they will occur in September, most likely toward the end of the month," Chavez told reporters.

Venezuelan officials have indicated that the government would like to boost public spending and close the gap between the official exchange rate VEFFIX= and the illegal black market rate, which is blamed in part for the country's chronic inflation problem.

Details of the proposed plans have been limited and while there has been some speculation that the government could raise the OPEC member country's rock-bottom fuel prices, Chavez said gasoline price increases were not on the table at present.

Officials have been optimistic that returning the economy to growth will be relatively easy. Central Bank President Nelson Merentes predicted earlier on Sunday that the economy would be growing again by the end of the year.

"We are not going to end (2009) very high, but we will end up a bit above zero. In any case, I think we are going to end positive," Merentes said in an interview broadcast on the Televen network.

Merentes also said he expected the country's inflation rate to slow to 26 percent by year-end and that the central bank was aiming to bring inflation down to single-digit levels by 2012.

The government had previously forecast that inflation would hit 28 percent this year. In the 12 months through July, consumer prices rose 26.2 percent.

Inflation is currently running at an annualized rate of around 32 percent, Merentes said.

"What is happening right now is that there is a breaking (of the inflationary trend) and (inflation) is decreasing and this year will end around 26 percent," the central banker said.