Inflation in Venezuela seen hitting 60 percent in 2016

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CARACAS: Venezuela’s government on Tuesday forecast an inflation rate of 60 percent in 2016, in a budget bill presented to the National Assembly.

The number was below the nearly 80 percent that President Nicolas Maduro forecast for 2015. He cited official data from the central bank.

The central bank has not released inflation figures since December 2014. It said then that prices had risen 69 percent for that year.

Economists and private consultants see the inflation scenario as much worse: around 200 percent in 2015.


Oil-rich Venezuela’s many economic woes include shortages of most basic goods, even soap and toilet paper, and a drop in imports because of a lack of hard currency.

The government has not given a forecast for GDP in 2015 or 2016.

The IMF says it will contract 10 percent this year and six percent in 2016.

AFP

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