Venezuela’s Inflation Rate Jumps 2616% in 2017
Venezuela is set to face another daunting challenge to its economy, as the country’s December inflation rate hit 85 per cent, well over its benchmark of 50 per cent and crossing over hyperinflation territory. The opposition predicts that the rate will continue to increase, stating that the overall rate now sits at over 2,600 percent. This comes after years of fiscal turmoil caused by the policies of its government, run by Nicolas Maduro of the United Socialist Party, as millions of people continue to suffer from food shortages, and the currency continues to lose value.
The Daily was joined by Alberto Posso, Associate Professor in Economics at RMIT to discuss the situation.