Venezuela inflation rises to 32 percent in June as price controls eased

Venezuelan annual inflation climbed to 32.2 percent in June in metropolitan Caracas as price controls on food prices were eased. Monthly inflation rose by 2.4 percent, slowing from 3.2 percent in May as price gains for nonalcoholic drinks, restaurants and hotels slowed, the Central Bank said Tuesday. Independent local analysts predict that annual inflation will slow to 25.5 percent by the year's end, as measures to expedite imports and increase domestic production take effect. President Hugo Chavez last month introduced a series of economic reforms to boost supply by speeding importers' access to U.S. dollars and creating a US$1 billion fund to finance public-private joint projects to increase agricultural, oil and manufacturing output.