The inflation rate in Venezuela spiked 454 percent in the first three months of 2018, says the nation’s opposition-led National Assembly, reports Reuters. The figures are pretty much the same as the numbers from independent economists and organizations.
Venezuela’s annual inflation over the last 12 months is just under 8,900 percent. Monthly inflation in March was 67 percent, which is slighly down from the previous month’s 80 percent.
Though the central bank doesn’t release inflation, it does make money supply available to the public. Over the last 12 months, the money supply has surged nearly 3,000 percent.
The Latin American oil-rich country is suffering from a humanitarian crisis as it has endured hyperinflation, a food shortage, and totalitarian leadership. President Nicolas Maduro blames the nation’s woes on businessmen and the United States government.
This is what you get when you mix socialism, central planning, and inept leadership.
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