Venezuela's Crisis: Inflation Projected to Reach 1,600%

Economics & Macro

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02/05/2017 09:16 WIB

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Venezuela's Crisis: Inflation Projected to Reach 1,600%

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Venezuela's Inflation 2015-2017

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The crisis engulfing Venezuela has plunged this oil-rich nation into hyperinflation. Data from tradingeconomics shows that by December 2016, Venezuelan inflation had reached 800 percent. By the end of 2017, it was projected to reach 1,600 percent. Official inflation data from the government was unavailable throughout 2016.

The fall in global oil prices since mid-2014 triggered an economic crisis in this Central American country. This is because approximately 95 percent of its economy is reliant on the oil sector. Furthermore, the political crisis plaguing the oil-rich nation, coupled with the weakening of the bolivar, also contributed to the high inflation in Venezuela.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."