Alejandro Werner, director of the International Monetary Fund (IMF) Western Hemisphere department, wrote in a post on the agency’s blog that Venezuela’s inflation rate is likely to hit 1,000,000 percent in 2018, as cited by Reuters.
The South American economy will be on track to become one of the worst hyperinflationary crises in modern history.
Werner noted: “We are projecting a surge in inflation to 1,000,000 percent by end-2018 to signal that the situation in Venezuela is similar to that in Germany in 1923 or Zimbabwe in the late 2000’s”.
Consumer prices have risen 46,305 percent this year, according to the opposition-run legislature.
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