Venezuela’s Inflation Rate Reaches New Eye-Popping High — It’s Expected to Increase Nearly Ten-Fold in 2019

As the world watches Venezuela experience the consequences of its socialist policies, the nation’s inflation rate surpassed ten figures.

As Newsweek reported, the inflation rate reached a whopping 1.29 million percent — up from 833,997 percent in October.

As IJR previously noted, Venezuela’s inflation rate has been rising for quite some time. In 2017, it reached 4,068 percent, which seemed very high at the time.

To put that into perspective, the United States’ inflation rate was 2.1 percent in 2017 and hasn’t risen much higher in 2018.

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While the causes of Venezuela’s economic predicament are debated, it certainly didn’t help when the government printed more money in an attempt to help the economy.

The country’s government planned to try and control the inflation rate by creating a new currency that simply removed five zeroes from the bolivar.

Unfortunately for Venezuelans, the inflation rate is expected to reach two million before the end of December and, according to the International Monetary Fund, will increase by ten million percent in 2019.

Earlier this year, IJR reported on how the government created untenable conditions for business, leading to nearly half of them to close shop. Alongside rampant inflation, the government dramatically raised the nation’s minimum wage and threatened jail time for businesses that raised prices.

What do you think?

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TOM
Member

This is what the demoncraps are pushing the U.S. towards.

Screwtape
Member

Socialism. *slow hand clap*

Daniel Earl Keith
Member

One only has to look at what happened in Zimbabwe, a few years ago, and see that the exact same thing is occuring in Venezuela. Like Zimbabwe, Venezuela thinks they can solve every problem by printing more money. Like Zimbabwe, Venezuela thinks they can force businesses to not raise prices on goods and commodities. Like Zimbabwe, Venezuela thinks they can simply make new currency, with 0’s chopped off. None of this worked in Zimbabwe, and none of it will work in Venezuela.

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