Venezuela: Hyperinflation and lack of vital products deepen economic catastrophe

EPA/Cristian Hernandez

Demonstrator hold signs calling for a recall referendum and chant slogans during a protest against Venezuelan President Nicolas Maduro's government, outside the Supreme Tribunal of Justice (TSJ), in Caracas, Venezuela, 25 May 2016. The opposition staged a protest against a Venezuelan Supreme Court ruling that bans 'unauthorized acts, marches, protests (and) gatherings,' as well as 'violent demonstrations' at election offices. The opposition wants to hold a referendum to recall President Nicolas Maduro from office, but the government contends that it will be impossible to hold the referendum this year.

The International Monetary Fund (IMF) had predicted that inflation in Venezuela will increase by 720% in 2016, while many media report that the national market is running out of food and medicines


The economic catastrophe in Venezuela is getting deeper because of the hyperinflation and the lack of vital products.

The International Monetary Fund (IMF) had predicted that inflation in Venezuela will hit 720% this year while LA Times reported that according to some local economic analysts, the inflation rate might increase even more. In the meantime, CNN Money reported that Venezuela is running out of food and medicines.

“There's a shortage of everything at some level,” Ricardo Cusanno,...


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