Venezuela's 2018 Inflation to Hit 1.37 Million Percent, IMF Says
- Fund sees consumer prices rising 10 million percent in 2019
- 2018 GDP seen falling for third straight year on 18% decline
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Venezuela’s annual inflation rate will surge to 1.37 million percent by the end of the year as the government fails to cover a widening budget shortfall by printing money, according to a report from the International Monetary Fund published Tuesday.
That estimate from the latest IMF World Economic Outlook is up from the forecast of 1 million percent the IMF made in July and more than a hundred times faster than its January estimate of 13,000 percent. Looking ahead, consumer prices will rise 10 million percent in 2019, according the report.