It’s official: Venezuela has entered hyperinflation. It is only the seventh country in the history of Latin America to have that dubious distinction. And no one’s seeing any light at the end of this tunnel.
Technically, hyperinflation occurs when month-on-month inflation tops 50 percent for 30 days straight. Oil-rich Venezuela got to that point earlier this month. But it’s already had the world’s highest inflation rate for years. Its 2016 annual inflation may rise above 500 percent.