In the years 70-80s, in Latin American; inflation was so high, that people could not afford even the basic necessities to survive. The IMF has evaluated the nation’s that have the highest inflation, eight nations are African and two are Latin American. The African nations consist of Congo, South Sudan, Lybia, Egypt, Angola, Yemen, Sudan and Burundi.
The Latin nations consist of Venezuela, and Argentina. 1,133% and 22% respectively.
Economists are highly concerned, in Venezuela, inflation has reached such a high number, and crisis has aggravated so much, that people are having trouble obtaining things like medicine, toothpaste, or food items.
Economies of this kind, are a result of bad economic management, or a major shock, according to Thierry Geiger, chief of analytical and quantitative investigation of WEF.
In Venezuela, inflation could soar to 2,349%. Venezuelan Government doesn’t seem to preoccupied to assent that there is a crisis.
In Argentina, though the inflation continues to be higher than normal, the government of Mauricio Macri continúes to work in efforts of reducing inflation. The government also has downplayed the ranking. However, analysts, like Juan Carlos de Pablo, of Universidad de San Andrés, says that Argentina is even in that list with 22% inflation, “es una BARBARIDAD” (A barbarity)
– BBC MUNDO