Venezuela's 12-month inflation tops 62 percent in June

Venezuelan consumer prices rose 62.1 percent in the 12 months ending in June, a newspaper reported on Tuesday, boosting pressure on President Nicolas Maduro to control inflation. That figure would be the highest since the Opec nation revamped its methodology for calculating consumer prices in 2008, accelerating from the 60.9 percent inflation figure reported by the central bank for the month of May.
Consumer prices rose 5.5 percent in June, daily newspaper El Nacional reported, citing unidentified sources. That was slightly below the 5.7 percent increase that the central bank reported for May. A central bank spokesman declined to comment. Inflation for a given month is supposed to be published within the first 10 days of the following month. The central bank since last year has routinely delayed the release of the figures, spurring criticism that Maduro's government is trying to conceal negative economic data. Maduro, who is facing criticism over rising prices and chronic product shortages, has blamed inflation on three months of often violent opposition protests earlier this year that at times blocked roads and forced shops to close early.