CARACAS : Venezuela's dizzying inflation rose 13,779 per cent in the past year, a study released on Monday by the opposition-dominated national Assembly has found.

The figure confirmed other estimates showing that Venezuela has by far the world's highest inflation rate.

The South American country is in partial default on its debt and suffers severe shortages of food and medicines and despite sitting atop the planet's biggest proven oil reserves.

The government of President Nicolas Maduro has been printing money as foreign reserves dwindle, and the national currency, the bolivar, has become nearly worthless.

The report by the Legislature's Finances and Economic Development Commission said  ''the annualised rate of inflation in April compared with April 2017 [is]  13,779 per cent.''

The International Monetary Fund projects that Venezuela's inflation will top 13,800 this year.

''We are in the country with the highest inflation in the world,'' the head of the legislature's commission told a news conference. [AFP]


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