IMF Predicts Ongoing Massive Inflation in Venezuela

CNN feature on Venezuela’s economic woes, quotes recent IMF figures which show “Inflation in Venezuela is projected to increase 481% this year and by a staggering 1,642% next year.” Venezuela’s Foreign Minister Delcy Rodriguez condemns the IMF prediction. 

In a further sign of economic distress, oilfield services provider Schlumberger Ltd says it will reduce its operations in Venezuela due to payment problems. The state-owned PDVSA oil company said in a statement that it “categorically denies information reflected in certain international media” which carried the story, which includes Reuters and Wall St Journal.

Meanwhile, a feature in AFP says that basics such as toilet paper are now hard to find, while cable TV and international mobile phone services are being reduced as local service providers do not have the means to pay.