5 Countries With Soaring Inflation Higher Than India

BANGALORE: Today, it is an undeniable fact that India is undergoing high inflation rate. The Indian economy though Asia’s third-largest, faces a complicated situation where growth has slowed to a decade low but prices are still soaring high. It has indeed one of the highest inflation rates in the world, and the highest in Asia.

Not, just India many countries in the world are struggling with high inflation. Let’s read further, reports Rediff.

Venezuela:
Latest reported inflation rate: 61.50 percent
GDP (purchasing power parity): $407.4 billion
Budget deficit: -9.8 per cent of GDP

For many years, the South American country Venezuela has been suffering from high inflation rates. Per year, the figure has been increasing between 25 and 30 percent. Inflation has continued to ire the masses irrespective of its GDP growth.

In the beginning of this year, the annual inflation rate rose to 57.3 percent an now to 61.50 percent. As such, the government curbed price rise like the cost of foods and essential commodities. In some cases, prices have been frozen for years, leading businesses into poor maintenance, causing the inability to hire many more workers, and driving some to bankruptcy.

At times, the Venezuelan government tries to meet shortages by importing food. Despite all this, Venezuela still has a major source of income from oil, much of which it sells to the United States.

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