July 9, 2018 / 4:54 PM / 4 months ago

Venezuela annual inflation hits 46,305 percent in June - congress

A seller waits for customers at a fruit and vegetables stall during a special inspection of Venezuelan soldiers to a municipal market in Caracas, Venezuela June 20, 2018. REUTERS/Marco Bello

CARACAS (Reuters) - Venezuelan consumer prices rose 46,305 percent in the 12 months ending in June, the opposition-controlled congress said on Monday, as the crisis-stricken nation’s hyperinflation continues to accelerate amid a broader economic collapse.

The government of President Nicolas Maduro stopped publishing economic indicators nearly three years ago as the OPEC nation’s socialist economic system started falling apart, making opposition legislators the only source of such figures.

June inflation accelerated to 128.4 percent, the fastest this year, from 110.1 percent, according to opposition legislator Angel Alvarado. Food prices rose by 183 percent in June.

“It is by far the worst hyperinflation suffered by a Latin American country,” Alvarado said in an interview.

The government of Nicolas Maduro, who was reelected in May in a vote that dozens of foreign governments described as rigged, has promised to take measures to improve the situation.

He insists the election was free and fair and says the country’s problems are the result of an “economic war” led by the opposition business leaders who arbitrarily raise prices.

Reporte by Corina Pons, Writing by Brian Ellsworth; Editing by Susan Thoma

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