Venezuelan inflation blasts off
It is so bad that Venezuela was left out of the inflation calculations for the region and for all emerging markets because including it would throw off the average
What does it look like to have inflation of 10-million percent? When something that cost $1 now costs $100,000, is there even a way to calculate the impact? After seeing prices surge an already unthinkable 1,000% last year, hyperinflation in Venezuela's imploding economy is set to hit nearly 1.4-million percent this year, the International Monetary Fund (IMF) forecast in its World Economic Outlook this week. But in 2019 that hyperinflation is expected to leave Earth's orbit, hitting 10-million percent, a figure so large and improbable that readers of the report had to count the zeroes to make sure they had the correct number. It is so bad that Venezuela was left out of the inflation calculations for the region and for all emerging markets because including it would throw off the average. After years of economic mismanagement, and with the vital oil industry nearly at a standstill, Venezuela has seen tens of thousands of people flee the country daily, increasingly desperate to find f...
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