Venezuela’s Inflation Rate: More Like 510%

Using black-market exchange rate data collected by the Johns Hopkins-Cato Institute Troubled Currencies Project, Venezuela’s current annual implied inflation rate is hovering near 510%. So says Prof. Steve H. Hanke, director of the Troubled Currencies Project at the Cato Institute in Washington, D.C. and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. Bank of America/Merrill Lynch just put out an estimate that Venezuela inflation spiked past 100% in April. More…