Inflation in Venezuela hits an annual rate of 830,000% — and is likely to keep rising.
A report published to the country’s Congress by a coalition of opposition parties said that the annual rate had almost doubled since in the month since the last report was published in October.
The International Monetary Fund expects inflation to hit 1 million percent by the end of 2018, with local economists expecting a further pick-up in price rises as Christmas bonuses are handed out in the coming month.
Inflation in the stricken South American nation of Venezuela hit an annual rate of 830,000% in the year to October, according to new data released this week to the country’s parliament.
A report published to the nation’s Congress by a coalition of opposition parties said that the annual rate had almost doubled since in the month since the last report was published. In the year to September, inflation stood at 488,000%.
Monthly inflation actually fell somewhat, with that figure falling from 233% in September, to 147% last month.
Read more: 10 pictures reveal the huge amounts of cash Venezuelans need to buy everyday things
This week’s figures may seem troubling, but things are set to get even worse for Venezuelans, with …read more
Source:: Businessinsider – Finance