The annual inflation indicator in Venezuela reaches 27.364% at the end of May.
Today Sunday, reading the most important news of the week, I find this economic report published by Forbes that leaves me impacted, since you can understand with this reading that it is the correct number to the economic distortion that Venezuelans are currently experiencing.
The economist, professor and currency expert, Steve H. Hanke explains that When it comes to hyperinflation, we can measure it with great accuracy. But, it is impossible to produce meaningful hyperinflation forecasts. During episodes of hyperinflation, their courses and durations change so rapidly, and so dramatically, that predictions are a fool’s errand. Indeed, hyperinflations are so unstable and unpredictable that even forecasting the inflation rate for a coming month with any degree of accuracy is impossible. However, The International Monetary Fund (IMF) repeatedly produces forecasts (read: finger in the wind guesses) of Venezuela’s inflation rate.
Just how looney are the IMF’s guesses? To answer that question, consider that the IMF forecast for Venezuela’s 2018 year-end annual inflation rate is 12,874.6%. On May 30th, Steve accurately measured Venezuela’s annual inflation rate, and for the first time, it breached 25,000%, and today, May 31st, it sits at 27,364% (see chart below). That’s more than double the IMF’s year-end inflation forecast, and there are still seven months left to go until year-end.
The Central Bank of Venezuela no longer reports annual inflation rates. So, there is no official Venezuelan source for information on what is, in fact, currently the world’s highest inflation rate. So where can the financial press turn for an “official” number? As is often the case, the press turns to the IMF.
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At the beginning of this report it was said that inflation can be measured in a precise way. One way, which is practical, accurate, and cost-effective, is to employ Purchasing Power Parity (PPP) theory. Using high-frequency, black-market exchange rate data, which is able to calculate an implied annual inflation rate for Venezuela on a daily basis.cita para Venezuela. The second method for measuring hyperinflation involves going out in the field and actually sampling the prices of a “basket” of goods that make up a price index, such as a consumer price index. When prices of goods in the index are compared over time, an inflation rate can be calculated for the individual items that make up the index, as well as for the index itself.
Then, once these numbers and basic concepts have been digested, could you indicate what kind of measures can be applied by those responsible for the finances of this country, to improve the situation and stop the increase of the inflation indicator before the end of the year?
Source: https://www.forbes.com/sites/stevehanke/2018/05/31/venezuelas-inflation-breaches-25000/#1a657c736d57
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I heard they will implement a new currency soon
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La inflación en venezuela es muy grave, solo pido que todo este mejore para vivir en nuestro país tranquilo. saludos desde venezuela amigo @jmhb85
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Month by month venezuela inflation rate increase .. Now it's increase rate running on bullish.. and the graph shows, it is now growing on the hill.... @jmhb85
I think everybody following news knows this is all the fault of the current leadership in Venezuela.
soy De venezuela y pasamos por una situacion economica inadecuada,da lastima ver como un pais tan rico en minerales y turismo alla decaido de esta manera,venezuela cayo en manos equivocadas por narcos corruptos y todo es debido al mal liderazgo actualmente en el pais.
http://www.el-nacional.com/noticias/economia/calculan-que-inflacion-2018-pasara-umbral-100000_238398