Countries with the highest inflation: In this nation, residents pay 5 million for just 5 tomatoes
When inflation in a country goes out of control, it can jeopardise the overall health of the economy. Here are 10 countries that had the highest inflation rate in 2018.
Inflation is a monetary phenomenon that is inseparable from the currency of a country. When kept in check, it is beneficial to the economy, but when it goes out of control, it can put the health of the economy under jeopardy. India which has an inflation rate of 3.5 percent, doesn't feature in the top-50 list. Here are the top 10 countries that had the highest inflation rate in 2018 when compared to the previous year. The list has been compiled by Statista. (Image: Reuters)
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No 10 | Egypt, rate of inflation: 20.83 percent (Image: Reuters)
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No 9 | Libya, rate of inflation: 23.09 percent (Image: Reuters)
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No 8 | Liberia, rate of inflation: 23.43 percent (Image: Reuters)
No 3 | Sudan, rate of inflation: 63.29 percent (Image: Reuters)
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No 2 | South Sudan, rate of inflation: 83.49 percent (Image: Reuters)
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No 1 | Venezuela, rate of inflation: 929789.5 percent. The Latin American country is facing hyperinflation due to a range of factors. Hyperinflation occurs when the monthly inflation rate exceeds 50 percent per month for 30 consecutive days. According to a latest report, residents have to pay 5 million Bolivars for just 5 tomatoes. (Image: Reuters)
