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Bloomberg
Venezuela’s annual inflation rate will surge to 1.37 million percent by the end of the year as the government fails to cover a widening budget shortfall by printing money, according
to a report from the International Monetary Fund published on Tuesday.
That estimate from the latest IMF World Economic Outlook is up from the forecast of 1 million percent the IMF made in July and more than a hundred times faster than its January estimate of 13,000 percent. Looking ahead, consumer prices will rise 10 million percent in 2019, according the report.
The Fund kept its economic forecast for Venezuela unchanged from July, maintaining its estimate that gross domestic product will shrink 18 percent in 2018 — representing a third straight year of double-digit decline in GDP as oil output falls and political instability rises.