People wait in a queue to buy food, on a sidewalk outside a supermarket in Caracas, Venezuela January 6, 2018. REUTERS/Marco Bello
Reuters: Venezuela 2017 annual inflation at 2,616 percent: opposition lawmakers
CARACAS (Reuters) - Prices in Venezuela, which is believed to have the world’s highest inflation, jumped 2,616 percent last year, the country’s opposition-led National Assembly said, as millions suffer from food and medicine shortages during a severe economic crisis.
Opposition politicians, whose numbers are broadly in line with analysts’ estimates, on Monday put December’s inflation figure alone at 85 percent, well into hyperinflation territory for which the benchmark is usually 50 percent.
“Inflation in December alone is greater than accumulated inflation (over the whole year) for all of Latin America,” said lawmaker José Guerra.
Venezuelan authorities did not respond to a request for comment.
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WNU Editor: Hyper inflation is when the inflation rate for a month is over 50%. Venezuela's inflation rate in December was 85%. People are hurting in Venezuela.
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