Venezuela annualized March inflation at 34.1 pct

Reuters, 04.01.03, 10:54 AM ET CARACAS, Venezuela, April 1 (Reuters) - Venezuela's annualized inflation rose to 34.1 percent in March compared with 17.6 percent a year before, as the oil-rich economy struggled with recession and the aftershocks of a crippling two-month strike, the Central Bank reported on Tuesday. Inflation was 0.8 percent in March compared with 4.2 percent in March 2002. Accumulated inflation to March was 9.4 percent compared with 7 percent a year earlier. Venezuela's inflation closed 2002 at 31.2 percent, the highest level in five years and more than double the 12.3 percent recorded in 2001. Venezuela, the world's No. 5 oil exporter, is struggling with political and economic crisis after the opposition strike aimed at ousting leftist President Hugo Chavez disrupted its vital petroleum output.