IMF Sees Venezuela Inflation Rocketing to 720 Percent in 2016
- IMF's estimate is nearly quadruple Bloomberg median estimate
- Spiking prices have driven popular discontent in Venezuela
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Venezuela’s consumer inflation, already the world’s highest, will more than double this year to a level above all estimates from economists surveyed by Bloomberg, the International Monetary Fund said.
Inflation will surge to 720 percent in 2016 from 275 percent last year, according to a note published by the IMF’s Western Hemisphere Director, Alejandro Werner. That’s nearly quadruple the median 184 percent estimate from 12 economists surveyed by Bloomberg, and exceeding the highest forecast of 700 percent from Nomura Securities.