Venezuela Hit With 1.7Mln Percent Inflation Rate in 2018 - Senior Lawmaker

MEXICO CITY (Sputnik) - The rate of accumulated annual inflation in Venezuela was almost 1.7 million percent in 2018, opposition lawmaker Rafael Guzman said Wednesday.

"The year 2018 ended with inflation at almost 1.7 million percent. With this indicator, Venezuela is turning into one of the three countries in the world with the highest inflation rate in history. This is the result of the work of those who usurp power and do not offer measures to resolve the crisis that we are experiencing," Guzman, who heads the finance commission of the National Assembly, wrote in his Twitter blog.

READ MORE: Maduro Says Discussed Oil Market Challenges With OPEC Secretary General

Venezuela is facing a political and economic crisis prompted by the fall of oil prices and the consequent fall of state revenue.

Galloping inflation and a shortage of goods have sparked mass protests across the country, while scores of Venezuelans are fleeing the tough situation abroad.

According to the UN Migration Agency, the flow of migrants from Venezuela increased more than tenfold over the past years — from 89,000 in 2015 to 900,000 in 2017.