Jan. 18 (Bloomberg) -- Venezuela's unemployment rate fell to a record low in December as a fourth year of economic growth spurred increased hiring.

The country's unemployment rate fell to 6.2 percent in December, down from 6.3 percent in November and 8.4 percent in the same month a year earlier, according to an e-mailed statement from the government-run National Statistics institute.

Rising employment, spurred in part by increased hiring at government ministries and state-owned companies, has fueled a consumption boom in Venezuela, which has in turn led to a jump in inflation. Consumer prices rose 22.5 percent last year, the biggest increase in Latin America.

Employment in the ``formal sector'' of the economy rose to 56.2 percent in December from 55.5 percent a year earlier, the government said.

To contact the reporter on this story: Matthew Walter in Caracas at mwalter4@bloomberg.net

Last Updated: January 18, 2008 15:01 EST