Venezuela’s Central Bank says the country’s annual inflation has risen to 27.6 percent.

Monthly inflation was 2.2 percent in November, up from 1.8 percent in October.

Annual inflation rose slightly from the 26.9 percent rate recorded in October.

The oil-exporting country has had Latin America’s highest inflation for the past six years. Increasing government economic controls, heavy reliance on imports and an expanding money supply have contributed to the problem.

President Hugo Chavez’s government is attempting to fight inflation through a new law that expands price controls to a wider range of goods and gives the government more enforcement authority. The government has long maintained price controls on basic food items.