Inflation In Venezuela Is On The 1,000,000 Percent

Inflation in Venezuela is on The 1,000,000 Percent. Inflation in Venezuela in October was 833.997 percent on an annual basis.

 

The figure is in a report published by the parliament of the South American country.

The central bank of Venezuela has not released inflation figures for three years.

Inflation declined somewhat on a monthly basis.

The currency devaluation in Venezuela is on course to reach 1,000,000 percent in 2018,

 the International Monetary Fund (IMF) foretold earlier.

The IMF also considers that hyperinflation will reach 10,000,000 percent by 2019.

Venezuela has been in a critical economic pressure for five years.

To curb inflation, President Nicolás Maduro deleted five zeros from the Bolivar in August.

The minimum salary was also further increased.