Ecuador inflation hits 8.8 percent in 2008
Posted By ap 10 months, 3 weeks ago in Business & FinanceQUITO, Ecuador (AP) — Ecuador says inflation more than doubled in 2008 to a six-year high of 8.8 percent.
The country's Statistics and Census Institute says inflation on the year was up from 3.3 percent in 2007, in part due to high international food and oil prices and crop losses from flooding.
It is the highest inflation rate since 2002, when consumer prices rose 9.4 percent.
The Finance Ministry had targeted 5 percent inflation in early 2008.
But annualized inflation hit double digits in August, prompting the government to cap prices for some basic foods, restrict rice exports and give subsidies and tax breaks to farmers.
Ecuador uses the U.S. dollar as its currency, which has in the past helped slow price gains.
4 Views Share Story 0 Comments Report
Submitted By:
ap
By now you're probably trying to figure out the identity behind those cryptic initials. Alan Parsons? Alexia Prichard? No, they stand for Associated Press ...
More News
Daily Finance
Can Dubai's energy reserves pay off its $80 billion in debt?
Investors, stay in the game: Loss aversion causes big losses over long term
Dubai bailout may come from rich neighbor Abu Dhabi
Black Friday: Macy's CEO Lundgren "encouraged" by sales traffic
Entering the nuclear age? A utilities CEO wants federal control on energy
Submit a Story
Advertisement
Add a Comment
Sign In With Your Propeller Account
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.