Socialism in Venezuela is working out so well that the people are starving to death. Like other past socialist experiments, the general population is living in impoverished conditions where they can’t buy anything.
Unfortunately, if they are able to locate items, they won’t be able to pay for it.
Why? The annual inflation rate in the socialist paradise is nearing 5,000 percent!
This was definitely the year of hyperinflation for the Latin American country.
Here is the chart:
Venezuela’s annual inflation rate is 4651%, a new record high. pic.twitter.com/K2MD2WBRr4
— Prof. Steve Hanke (@steve_hanke) December 21, 2017
Like this article? Get ECN delivered to your inbox daily. Subscribe here.
How do they calculate inflation in Venezuela? Same way as in the US?