Monday , 19 November 2018

Hyperinflation: Venezuela Has Experienced 8,900% Inflation In the Last 12 Months!

Venezuelans can no longer afford the most basic necessities. During the first quarter of 2018, consumer prices rose again, this time by 454%. Hyperinflation has made the bolivar essentially worthless. The country experienced 8,900% inflation in just 12 months. 

The original article has been edited here for length (…) and clarity ([ ])

While the bolivar has turned into mere paper, Venezuela continues to print the currency at breakneck speed. The money supply has risen 2,900% over the last year, while goods are becoming scarcer and scarcer. Welcome to hyperinflation 101…

While most global economies are growing, even if only slightly, Venezuela’s economy is expected to tumble by 15% by the end of the year. Its GDP is expected to decline by 50% since 2013. Venezuela is hanging on by a thread, and the thread is fraying.

Venezuela has depended on oil for 90% of its exports but corruption and lack of investors have left oil industry in a state of chaos and the economy in shambles. Many Venezuelans are looking for relief abroad as they flee the country in hopes of something better. The majority of households have a family member who has emigrated abroad. Many of these are young and eager workers whose only chance lies beyond Venezuela’s own borders…

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2 comments

  1. Bernard Dozier

    One has to wonder if Venezuela isn’t what the world is coming to. Your article selection today points to it, so one can only wonder how long a bitter broth can brew before exploding like a Hawaiian volcano.