Editing Hyperinflation (section)

=== Venezuela ===
{{main|Hyperinflation in Venezuela}}
{{See also|Crisis in Venezuela}}
[[File:Venezuela inflation on the black market (DolarToday) on a logarithmic scale.png|thumb|upright=1.8|The value of one US dollar in Venezuelan bolivares on the black market through time, according to DolarToday.com. Blue and red vertical lines represent every time the currency has lost 99% of its value. This has happened almost five times since 2012, meaning that the currency is worth, as of November 2020, almost 1 billion times less than in August 2012.]]

Venezuela's hyperinflation began in November 2016.<ref>{{cite news|url=https://www.forbes.com/sites/stevehanke/2018/08/18/venezuelas-great-bolivar-scam-nothing-but-a-face-lift/#7edf9d24c23e|title=Venezuela's Great Bolivar Scam, Nothing but a Face Lift|last1=Hanke|first1=Steve|date=18 August 2018|work=[[Forbes (magazine)|Forbes]]|access-date=19 August 2018|language=en|archive-url=https://web.archive.org/web/20180819002426/https://www.forbes.com/sites/stevehanke/2018/08/18/venezuelas-great-bolivar-scam-nothing-but-a-face-lift/#7edf9d24c23e|archive-date=19 August 2018|url-status=live}}</ref> Inflation of [[Venezuela]]'s [[Bolivar fuerte|bolivar fuerte (VEF)]] in 2014 reached 69%<ref>{{cite news|title=Venezuela 2014 inflation hits 68.5 pct -central bank|url=https://www.reuters.com/article/venezuela-inflation/venezuela-2014-inflation-hits-68-5-pct-central-bank-idUSL1N0VN2H720150214|access-date=5 April 2018|archive-url=https://web.archive.org/web/20190509113916/https://www.reuters.com/article/venezuela-inflation/venezuela-2014-inflation-hits-68-5-pct-central-bank-idUSL1N0VN2H720150214|archive-date=9 May 2019|url-status=live}}</ref> and was the highest in the world.<ref>{{Cite news|url=https://www.reuters.com/article/us-venezuela-economy/venezuela-annual-inflation-180-percent-opposition-newspaper-idUSKCN0RV4WN20151001|title=Venezuela annual inflation 180 percent|date=1 October 2015|work=Reuters|access-date=15 November 2017|archive-url=https://web.archive.org/web/20171027232729/https://www.reuters.com/article/us-venezuela-economy/venezuela-annual-inflation-180-percent-opposition-newspaper-idUSKCN0RV4WN20151001|archive-date=27 October 2017|url-status=live}}</ref><ref>{{cite news|title=The Three Countries with the Highest Inflation|url=https://www.forbes.com/sites/mikepatton/2014/05/09/the-three-countries-with-the-highest-inflation/#6128ab54172e|access-date=5 April 2018|archive-url=https://web.archive.org/web/20190224012719/https://www.forbes.com/sites/mikepatton/2014/05/09/the-three-countries-with-the-highest-inflation/#6128ab54172e|archive-date=24 February 2019|url-status=live}}</ref> In 2015, inflation was 181%, the highest in the world and the highest in the country's history at that time,<ref name="FPblackbox">{{cite news|url=https://foreignpolicy.com/2015/07/13/looking-into-the-black-box-of-venezuelas-economy-caracas-bolivar-maduro/|title=Looking into the Black Box of Venezuela's Economy|last1=Cristóbal Nagel|first1=Juan|date=13 July 2015|access-date=14 July 2015|work=[[Foreign Policy]]|archive-url=https://web.archive.org/web/20150714062948/http://foreignpolicy.com/2015/07/13/looking-into-the-black-box-of-venezuelas-economy-caracas-bolivar-maduro/|archive-date=14 July 2015|url-status=live}}</ref><ref>{{cite news|title=Venezuela annual inflation 180 percent: opposition newspaper|url=https://www.reuters.com/article/us-venezuela-economy/venezuela-annual-inflation-180-percent-opposition-newspaper-idUSKCN0RV4WN20151001|access-date=5 April 2018|archive-url=https://web.archive.org/web/20171027232729/https://www.reuters.com/article/us-venezuela-economy/venezuela-annual-inflation-180-percent-opposition-newspaper-idUSKCN0RV4WN20151001|archive-date=27 October 2017|url-status=live}}</ref> 800% in 2016,<ref>[https://worldinfigures.com/country-profiles/VE Venezuela country profile (Economy tab)], {{Webarchive|url=https://web.archive.org/web/20190804165323/https://worldinfigures.com/country-profiles/VE |date=4 August 2019 }} ''World in Figures''. Retrieved 14 June 2017.</ref> over 4,000% in 2017,<ref name=":6">{{Cite news|url=https://www.reuters.com/article/us-venezuela-food/venezuelans-report-big-weight-losses-in-2017-as-hunger-hits-idUSKCN1G52HA|title=Venezuelans report big weight losses in 2017 as hunger hits|last=Sequera|first=Vivian|date=21 February 2018|work=Reuters|access-date=23 February 2018|archive-url=https://web.archive.org/web/20180222223217/https://www.reuters.com/article/us-venezuela-food/venezuelans-report-big-weight-losses-in-2017-as-hunger-hits-idUSKCN1G52HA|archive-date=22 February 2018|url-status=live}}</ref><ref>{{Cite news|url=https://www.reuters.com/article/us-venezuela-economy/venezuela-2016-inflation-hits-800-percent-gdp-shrinks-19-percent-document-idUSKBN154244|title=Venezuela 2016 inflation hits 800 percent, GDP shrinks 19 percent: document|last=Corina|first=Pons|date=20 January 2017|work=Reuters|access-date=15 November 2017|archive-url=https://web.archive.org/web/20171115215302/https://www.reuters.com/article/us-venezuela-economy/venezuela-2016-inflation-hits-800-percent-gdp-shrinks-19-percent-document-idUSKBN154244|archive-date=15 November 2017|url-status=live}}</ref><ref name="assetmacro">{{cite web|title=AssetMacro|url=https://www.assetmacro.com/venezuela/unemployment-rate/|access-date=15 February 2017|archive-url=https://web.archive.org/web/20170216214206/https://www.assetmacro.com/venezuela/unemployment-rate/|archive-date=16 February 2017|url-status=dead}}</ref><ref name="BBCVenezuela">{{cite news|last1=Davies|first1=Wyre|title=Venezuela's decline fuelled by plunging oil prices|url=https://www.bbc.co.uk/news/world-latin-america-35622188|access-date=20 February 2016|publisher=BBC News, Latin America|date=20 February 2016|archive-url=https://web.archive.org/web/20160221035418/http://www.bbc.co.uk/news/world-latin-america-35622188|archive-date=21 February 2016|url-status=live}}</ref> and 1,698,488% in 2018,<ref>{{cite news|title=Inflación de 2018 cerró en 1.698.488%, según la Asamblea Nacional|language=es|trans-title=Inflation in 2018 closed at 1,698,488%, according to the National Assembly|url=http://efectococuyo.com/principales/inflacion-de-2018-cerro-en-1-698-488-segun-la-asamblea-nacional|access-date=9 January 2019|agency=Efecto Cocuyo|date=9 January 2019|archive-url=https://web.archive.org/web/20190110133641/http://efectococuyo.com/principales/inflacion-de-2018-cerro-en-1-698-488-segun-la-asamblea-nacional/|archive-date=10 January 2019|url-status=dead}}</ref> with Venezuela spiraling into hyperinflation.<ref name="NYThyperinflation">{{cite news|last1=Herrero|first1=Ana Vanessa|last2=Malkin|first2=Elisabeth|title=Venezuela Issues New Bank Notes Because of Hyperinflation|url=https://www.nytimes.com/2017/01/16/world/americas/nuevos-billetes-venezuela-new-banknotes.html?_r=0|access-date=17 January 2017|work=[[The New York Times]]|date=16 January 2017|archive-url=https://web.archive.org/web/20170731041129/https://www.nytimes.com/2017/01/16/world/americas/nuevos-billetes-venezuela-new-banknotes.html?_r=0|archive-date=31 July 2017|url-status=live}}</ref> While the Venezuelan government "has essentially stopped" producing official inflation estimates as of early 2018, one estimate of the rate at that time was 5,220%, according to inflation economist [[Steve Hanke]] of [[Johns Hopkins University]].<ref name="NYRoB-2018">{{cite journal|last1=Krauze|first1=Enrique|title=Hell of a Fiesta|journal=New York Review of Books|date=8 March 2018|url=http://www.nybooks.com/articles/2018/03/08/venezuela-hell-fiesta/|access-date=1 March 2018|archive-url=https://web.archive.org/web/20180222031050/http://www.nybooks.com/articles/2018/03/08/venezuela-hell-fiesta/|archive-date=22 February 2018|url-status=live}}</ref>

Inflation has affected Venezuelans so much that in 2017, some people became video game [[gold farmer]]s and could be seen playing games such as ''[[RuneScape]]'' to sell in-game currency or characters for real currency. In many cases, these gamers made more money than salaried workers in Venezuela even though they were earning just a few dollars per day.<ref>{{cite news|last1=Rosati|first1=Andrew|title=Desperate Venezuelans Turn to Video Games to Survive|url=https://www.bloomberg.com/news/articles/2017-12-05/desperate-venezuelans-turn-to-video-games-to-survive|access-date=6 December 2017|work=[[Bloomberg.com|Bloomberg]]|date=5 December 2017|archive-url=https://web.archive.org/web/20171206014208/https://www.bloomberg.com/news/articles/2017-12-05/desperate-venezuelans-turn-to-video-games-to-survive|archive-date=6 December 2017|url-status=live}}</ref> During the Christmas season of 2017, some shops would no longer use price tags since prices would inflate so quickly, so customers were required to ask staff at stores, known as {{lang|la|habladores}} ("talkers"), how much each item was. Some then further cut costs by replacing the "talkers" with computer screens.<ref>{{cite news|title=Tiendas de ropa eliminan etiquetas y habladores para agilizar aumento de precios |trans-title=Clothing stores eliminate price labels and talkers to speed up price increases |url=http://www.diariolaregion.net/2017/12/12/tiendas-de-ropa-eliminan-etiquetas-y-habladores-para-agilizar-aumento-de-precios/|access-date=16 December 2017|work=Diario La Region|date=12 December 2017|language=es-ES|archive-url=https://web.archive.org/web/20171215211841/http://www.diariolaregion.net/2017/12/12/tiendas-de-ropa-eliminan-etiquetas-y-habladores-para-agilizar-aumento-de-precios/|archive-date=15 December 2017|url-status=live}}</ref>

The [[International Monetary Fund]] estimated in 2018 that Venezuela's inflation rate would reach 1,000,000% by the end of the year.<ref>{{Cite news|url=https://www.cnbc.com/2018/07/27/venezuelan-inflation-predicted-to-hit-1-million-percent-this-year.html|title=Venezuelan inflation predicted to hit 1 million percent this year|last=Amaro|first=Silvia|date=27 July 2018|work=[[CNBC]]|access-date=29 July 2018|archive-url=https://web.archive.org/web/20180728105617/https://www.cnbc.com/2018/07/27/venezuelan-inflation-predicted-to-hit-1-million-percent-this-year.html|archive-date=28 July 2018|url-status=live}}</ref> This forecast was criticized by Steve H. Hanke, professor of applied economics at The Johns Hopkins University and senior fellow at the Cato Institute. According to Hanke, the IMF had released a "bogus forecast" because "no one has ever been able to accurately forecast the course or the duration of an episode of hyperinflation. But that has not stopped the IMF from offering inflation forecasts for Venezuela that have proven to be wildly inaccurate".<ref name=Hanke>{{cite web |last1=Hanke |first1=Steve |title=IMF Produces Another Bogus Venezuela Inflation Forecast |url=https://www.forbes.com/sites/stevehanke/2018/07/31/imf-produces-another-bogus-venezuela-inflation-forecast/#78430a7b7dc8 |website=Forbes |access-date=31 August 2018 |date=31 July 2018 |archive-url=https://web.archive.org/web/20180831104955/https://www.forbes.com/sites/stevehanke/2018/07/31/imf-produces-another-bogus-venezuela-inflation-forecast/#78430a7b7dc8 |archive-date=31 August 2018 |url-status=live }}</ref>

In July 2018, hyperinflation in Venezuela was sitting at 33,151%, "the 23rd most severe episode of hyperinflation in history".<ref name="Hanke" />

In April 2019, the International Monetary Fund estimated that inflation would reach 10,000,000% by the end of 2019.<ref>{{Cite web |url=https://www.imf.org/external/datamapper/PCPIPCH@WEO/WEOWORLD/VEN |title=
Inflation rate, average consumer prices: Annual percent change |publisher=International Monetary Fund |access-date=18 May 2019 |archive-url=https://web.archive.org/web/20190529113756/https://www.imf.org/external/datamapper/PCPIPCH@WEO/WEOWORLD/VEN |archive-date=29 May 2019 |url-status=live }}</ref>

In May 2019, the [[Central Bank of Venezuela]] released economic data for the first time since 2015. According to this release, the inflation of Venezuela was 274% in 2016, 863% in 2017 and 130,060% in 2018.<ref>{{Cite news|url=https://www.lemonde.fr/international/article/2019/05/29/venezuela-l-inflation-a-ete-de-130-060-en-2018_5469091_3210.html|title=Au Venezuela, l'inflation a été de 130 060 % en 2018 |language=fr |trans-title=In Venezuela, inflation was 130,060% in 2018|date=29 May 2019|work=Le Monde|access-date=31 May 2019|archive-url=https://web.archive.org/web/20190530200722/https://www.lemonde.fr/international/article/2019/05/29/venezuela-l-inflation-a-ete-de-130-060-en-2018_5469091_3210.html|archive-date=30 May 2019|url-status=live}}</ref> The annualised inflation rate as of April 2019 was estimated to be 282,972.8% as of April 2019, and cumulative inflation from 2016 to April 2019 was estimated at 53,798,500%.<ref>{{Cite news|url=http://www.venezuelaaldia.com/2019/05/28/banco-central-venezuela-hiperinflacion-2016/|title=BCV admits hyperinflation of 53,798,500% since 2016|date=28 May 2019|work=Venezuela Al Dia|access-date=5 June 2019|language=es|archive-url=https://web.archive.org/web/20190529191528/http://www.venezuelaaldia.com/2019/05/28/banco-central-venezuela-hiperinflacion-2016/|archive-date=29 May 2019|url-status=live}}</ref>

The new reports imply a contraction of more than half of the economy in five years, according to the ''Financial Times'' "one of the biggest contractions in Latin American history".<ref>{{Cite web|url=https://www.ft.com/content/5cb83c1c-821b-11e9-b592-5fe435b57a3b|title=Venezuela data offer rare glimpse of economic chaos|last=Long|first=Gideon|date=29 May 2019|website=Financial Times|access-date=31 May 2019|archive-url=https://web.archive.org/web/20190530085333/https://www.ft.com/content/5cb83c1c-821b-11e9-b592-5fe435b57a3b|archive-date=30 May 2019|url-status=live}}</ref> According to undisclosed sources from Reuters, the release of these numbers was due to pressure from China, a Maduro ally. One of these sources claims that the disclosure of economic numbers may bring Venezuela into compliance with the IMF, making it harder to support [[Juan Guaidó]] during [[2019 Venezuelan presidential crisis|the presidential crisis]].<ref name=reutersIMFdeniesBCV>{{Cite news|url=https://www.reuters.com/article/us-venezuela-politics-imf-idUSKCN1T01YW|title=IMF denies pressuring Venezuela to release economic data|last1=Wroughton|first1=Lesley|date=30 May 2019|work=Reuters|access-date=31 May 2019|last2=Pons|first2=Corina|archive-url=https://web.archive.org/web/20190530193700/https://www.reuters.com/article/us-venezuela-politics-imf-idUSKCN1T01YW|archive-date=30 May 2019|url-status=live}}</ref> At the time, the IMF was not able to support the validity of the data as they had not been able to contact the authorities.<ref name=reutersIMFdeniesBCV />
* Start and end date: November 2016 – present
* Peak month and rate of inflation: April 2018, 234% ([[Steve Hanke|Hanke]] estimate);<ref>{{Cite web |url=https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fstevehanke%2Ffiles%2F2018%2F05%2FHanke-Krus-World-Hyperinflation-Table-For-Latin-America-1200x673.jpg |title=The Hanke-Krus World Hyperinflation Table for Latin America (2013, Amended May 2018) |website=Forbes |access-date=26 May 2018 |archive-url=https://web.archive.org/web/20180522044709/https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fstevehanke%2Ffiles%2F2018%2F05%2FHanke-Krus-World-Hyperinflation-Table-For-Latin-America-1200x673.jpg |archive-date=22 May 2018 |url-status=live }}</ref>{{better source needed|reason=Please cite the article this image comes from, instead of the image itself, which has no metadata|date=June 2024}} September 2018, 233% ([[National Assembly (Venezuela)|National Assembly]] estimate)<ref>{{cite news|title=El Parlamento venezolano cree que la inflación llegará al 4.300.000 % en 2018|language=es|trans-title=Venezuelan parliament believes inflation will reach 4,300,000% in 2018|url=https://es.finance.yahoo.com/noticias/parlamento-venezolano-cree-inflaci%C3%B3n-llegar%C3%A1-4-300-000-181614580--business.html|access-date=8 October 2018|agency=EFE|work=Yahoo! Finance|date=8 October 2018|archive-url=https://web.archive.org/web/20181008222621/https://es.finance.yahoo.com/noticias/parlamento-venezolano-cree-inflaci%C3%B3n-llegar%C3%A1-4-300-000-181614580--business.html|archive-date=8 October 2018|url-status=live}}</ref>