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IMF projects Venezuela inflation will hit 1,000,000% in 2018

Updated : July 24, 2018 06:18 PM IST

The South American nation's economy has been steadily collapsing since the crash of oil prices in 2014 left it unable to maintain a socialist system of subsidies and price controls.
Consumer prices have risen 46,305 percent this year, according to the opposition-run legislature, which began publishing its own inflation data in 2017 because the nation's central bank had halted the release of basic economic data.
IMF projects Venezuela inflation will hit 1,000,000% in 2018
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