Venezuela Hits 510% Inflation

How's that socialism working out?

The Foundation for Economic Education reports that Venezuela’s bolivar is collapsing and its annual implied inflation rate has soared to 510%:

Using black-market exchange rate data that The Johns Hopkins-Cato Institute Troubled Currencies Project has collected over the past year, I estimate Venezuela’s current annual implied inflation rate to be 510%. This is the highest rate in the world. It’s well above the second-highest rate: Syria’s, which stands at 84%.

This follows on the heels of the Cato Institute's report in April that Venezuela had "truly achieved socialism": "shortages, queues, black markets, and official theft."

Mission accomplished.