Venezuela's inflation soars to 63.4 percent

Customers walk by empty shelves inside a supermarket in Caracas, on June 17, 2014Venezuela’s inflation rate has soared to 63.4% — the highest in Latin America — the Central Bank announced Tuesday. It was the first time the figure was announced since May. Critics charge that President Nicolas Maduro’s socialist government has withheld data for its political benefit. Venezuela, which sits atop the world’s largest proven oil reserves, imports 96 percent of the goods it needs. Most economists say runaway inflation and shortages are caused by massive government spending, including overseas;

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