IMF Says Venezuela's Inflation Rate May Rise Beyond 2,300% in 2018
- Next year’s price estimate increased from a previous 2,069%
- GDP estimates for 2017, 2018 revised down to 12% and 6%
A carton of eggs sits on an empty shelf at a supermarket in the Chacao district of Caracas, Venezuela, on Aug. 24, 2017.
Photographer: Fabiola Ferrero/BloombergThis article is for subscribers only.
Venezuela’s triple-digit annual inflation rate is set to jump to more than 2,300 percent in 2018, the highest estimate for any country tracked by the International Monetary Fund.
An intensifying political crisis that’s spiraled since 2014 has weighed heavily on economic activity. Gross domestic product is expected to contract 6 percent next year, after shrinking an estimated 12 percent in 2017, the IMF said in its latest World Economic Outlook report published Tuesday.