CARACAS, (Reuters) – President Nicolas Maduro’s government predicted on Tuesday that Venezuela’s inflation, already the world’s highest, would be 85 percent in 2015 and 60 percent next year.
Though high, those figures are conservative compared to estimates by international economic organizations who believe the South American OPEC member’s inflation is already well into a three-digit annual rate.
Critics say Venezuela’s runaway price rises – together with product shortages and a shrinking economy – are evidence of a failed socialist model of price and currency controls combined with hostility towards the private sector.
But Maduro, who took over from Hugo Chavez after winning a 2013 election, blames political foes and businessmen for waging an “economic war” to try and subvert his government.
The oil price plunge has exacerbated Venezuela’s problems.
