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situation report

Jul 24, 2018 | 15:39 GMT

1 min read

Venezuela: Inflation Expected to Hit 1,000,000 Percent in 2018

What Happened: An economist with the International Monetary Fund said the inflation rate for Venezuela's economy will reach 1,000,000 percent in 2018, Reuters reported July 23.

Why It Matters: Venezuela's skyrocketing inflation will prompt the government to clamp down even tighter and could potentially lead to internal fissures or even an overthrow.

Background: Venezuela's economy has been in a free fall since the oil price slump. Declining oil production and the policies of President Nicolas Maduro's government have helped intensify the decline.

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