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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.

Moneycontrol News | October 31, 2019 / 07:55 IST
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Inflation is a phenomenon that is inseparable from the currency of any country. When kept in check,it is even beneficial to the economy. But when it goes out of control, it can put the health of the economy under jeopardy. Here are the top 10 countries with the highest inflation rate in 2018 when compared to the previous year, as compiled by Statista.
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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10) Egypt, rate of inflation: 20.83 percent (Image: Reuters)
No 10 | Egypt, rate of inflation: 20.83 percent (Image: Reuters)
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9) Libya, rate of inflation: 23.09 percent (Image: Reuters)
No 9 | Libya, rate of inflation: 23.09 percent (Image: Reuters)
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8) Liberia, rate of inflation: 23.43 percent (Image: Reuters)
No 8 | Liberia, rate of inflation: 23.43 percent (Image: Reuters)
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7) Democratic Republic of Congo, rate of inflation: 29.30 percent (Image: Reuters)
No 7 | Democratic Republic of Congo, rate of inflation: 29.30 percent (Image: Reuters)
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6) Republic of Iran, rate of inflation: 31.17 percent (Image: Reuters)
No 6 | Republic of Iran, rate of inflation: 31.17 percent (Image: Reuters)
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Argentina, rate of inflation: 34.28 percent (Image: Reuters)
No 5 | Argentina, rate of inflation: 34.28 percent (Image: Reuters)
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Yemen, rate of inflation: 41.77 percent (Image: Reuters)
No 4 | Yemen, rate of inflation: 41.77 percent (Image: Reuters)
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3) Sudan, rate of inflation: 63.29 percent (Image: Reuters)
No 3 | Sudan, rate of inflation: 63.29 percent (Image: Reuters)
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2) South Sudan, rate of inflation: 83.49 percent (Image: Reuters)
No 2 | South Sudan, rate of inflation: 83.49 percent (Image: Reuters)
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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%/mo. for 30 consecutive days (Image: Reuters)
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)

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