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October 9, 2018

LATE-STAGE SOCIALISM: Venezuela’s annual inflation hits 488,865 percent in September.

Daily inflation is now 4 percent, according to opposition legislator Angel Alvarado, with monthly inflation rising to 233 percent in September from 223 percent in August.

In an effort to stabilize prices, President Nicolas Maduro in August cut five zeros off the ailing bolivar currency, boosted the minimum wage by 3,000 percent, and pegged salaries to an elusive state-backed cryptocurrency.

Opposition legislators have become the only source for economic indicators after the central bank stopped publishing such information nearly three years ago as the economy began unraveling.

The International Monetary Fund estimates consumer prices would rise 1,000,000 percent in 2018.

The only thing planned economies never run out of is zeros.

Related: Need to Flee Venezuela? Pay Huge Bribe or Stand in Line Forever. “The going rate for a black-market passport is more than $2,000, over 68 times the monthly minimum wage.”