Ecuador inflation hits 8.8 percent in 2008

Ecuador inflation 8.8 percent in 2008; highest in 6 years

QUITO, 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.

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