Region:
America
Category:
Economy

IMF: Venezuela inflation nearing 1 thousand. percent

  • Last year saw Venezuela's inflation rate reach 46,000 percent.
    Alejandro Werner, the head of the IMF's western hemisphere department, said Venezuela's economic turmoil compares to Germany's after the First World War Last year saw Venezuela's inflation rate reach 46,000 percent.
Region:
America
Category:
Economy
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The International Monetary Fund is warning that Venezuela's inflation could reach one million percent by the end of the year.

The IMF issued the warning about the country's historic inflation on Monday.

Alejandro Werner, the head of the IMF's western hemisphere department, said Venezuela's economic turmoil compares to Germany's after the First World War or Zimbabwe at the beginning of the last decade.

The country has been struggling with political and economic chaos under the leadership of anti-American President Nicolas Maduro.

Last year saw Venezuela's inflation rate reach 46,000 percent.

About 1.5 million people have reportedly crossed the borders into neighboring Colombia and Brazil amid hyperinflation and serious shortages of food, medicines and other necessities.

Venezuela is rich in oil resources. But hyperinflation makes it hard to trade with other countries using its own currency.

Maduro's government may face further pressure from the United States and other countries, which could spread confusion.