Venezuela’s hyperinflation soars to 24,571 percent

DW – June 12, 2018

The South American country is spiraling further into a humanitarian disaster spurred by the government’s economic policies, which have caused inflation to skyrocket 24,571 percent in the past 12 months.

The opposition-dominated Venezuelan parliament issued fresh economic data on Monday, showing that inflation for the month of May spiked 110.1 percent compared with April, and sending annual inflation to a staggering 24,571 percent.

With daily inflation running at 2.4 percent, the country’s currency, the bolivar, plunged about 98 percent in the course of the past 12 months alone.

“It’s a tragedy that we are experiencing every day,” said the parliament’s finance commission spokesman Rafael Guzman as he revealed the latest figures.

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