At the beginning of this month, the National Assembly, which is dominated by the opposition, published Venezuela a report which revealed that the country's annual inflation rate rose to a staggering 13,779 per cent last year. This is in line with with a forecast of the International Monetary Fund, which is illustrated in the following infographic. According to this, the annual inflation rate in Venezuela will be more than 13,800 per cent this year. Steve Hanke, Professor of Applied Economics at Johns Hopkins University, has an even higher estimate.

He claims that inflation has risen by 16,000 per cent in the last 12 months. Although Venezuela is rich in oil, the country is cash poor and suffers severe shortages of food and medicine. The government has not published inflation statistics since 2015 and critics claim this is an attempt to hide the scale of the problem. The Venezuelan currency is worthless, which is clearly demonstrated by the fact that a cup of coffee cost 2,000 bolivares a year ago. Today it would cost 200,000.

The infographic uses IMF projections to show how the situation compares with other countries.