Venezuela’s annual inflation rate is over 4,000 percent: ‘The authorities have lost control’

Kevin Ryan – February 7, 2018

Venezuela’s economic crisis continues to worsen. According to estimates from the Venezuelan opposition-led National Assembly, the socialist country’s annual inflation rate has risen to 4,068 percent over the past year.

Independent economists have produced similar figures.

For January, inflation was 84.2 percent, which analysts estimate would amount an annual inflation of more than 150,000 percent, with prices doubling every 35 days.

The Wall Street Journal reported that the inflation rate, currently the highest in the world, has risen so precipitously over the past 23 months that the Venezuelan government is unable to print enough money; customers often need stacks of bills even when paying for small purchases.