Venezuela inflation up in November to 8.4%, central bank says

CARACAS, Dec 10 (Reuters) - Monthly inflation in Venezuela closed November at 8.4%, data from the central bank showed on Friday, up from 6.8% the month before.

That figure will have taken year-on-year inflation to 1,197.49%, according to Reuters calculations of central bank data.

High prices have hit consumers' spending ability as the South American country confronts its fourth year of hyperinflation, a long recession and frequent cuts to basic public services like electricity and water.

Inflation has been in the single digits since September as the government takes measures to reduce it, including spending less in the local bolivar currency in an attempt to keep the exchange rate steady.

The government - subject to sanctions by the United States and others - and state oil company PDVSA are increasingly paying providers in U.S. dollars, Reuters reported this month. read more

The government will continue to fight inflation next year, Vice President Delcy Rodriguez told lawmakers during the presentation of the 2022 budget.

"2022 will be focused on policies that have allowed us to defend our currency and advance in the fight against hyperinflation," Rodriguez said, without giving growth, inflation or crude price targets.

Accumulated inflation between January and November was 631.1%, according to official figures.

The government of President Nicolas Maduro - which blames U.S. sanctions for economic problems - loosened currency controls in 2019, allowing some industries a partial recovery.

Many supermarkets and pharmacies now take payments in foreign currency more frequently than bolivars.

In November education costs were up 22.4% and household items were up 12.2% compared to October, the central bank data showed.

Reporting by Mayela Armas Writing by Julia Symmes Cobb Editing by Alistair Bell

Our Standards: The Thomson Reuters Trust Principles.