Venezuela, Argentina Have Highest Inflation in the World, Study Says

Source: Latin Business Chronicle

Venezuela posted the world’s highest inflation last year, followed by Argentina, according to a Latin Business Chronicle analysis of data from the International Monetary Fund (IMF) for 186 countries worldwide.

In Latin America, Peru and El Salvador boast the lowest rates.

Venezuela’s rate of 28.2 percent was higher than African countries like the Democratic Republic of Congo, Sierra Leone, Guinea and Angola.

Meanwhile, Argentina posted an inflation of 26.6 percent last year, according to Rodrigo Alvarez, chief economist at Ecolatina, a private consultancy in Buenos Aires co-founded by former economy minister Roberto Lavagna.

Argentina’s government reported an inflation rate of 10.9 percent last year, but private-sector economists doubt official figures after years of manipulation of the state statistics agency INDEC.

Except for Venezuela and Argentina, all countries in Latin America last year posted single-digit inflation.