It costs $150 to buy a dozen eggs in Venezuela right now

The International Monetary Fund has predicted that inflation in Venezuela will hit 720% this year. That might be an optimistic assessment, according to some local economic analysts, who expect the rate to reach as high as 1,200%. A sharp drop in global prices for oil -- on which Venezuela depends for most of its foreign currency -- is a big part of the problem. Critics also accuse the government of irresponsible spending on social welfare programs and oil subsidies to Cuba and other countries. More…