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According to the national assembly, which has resorted to publishing its own data after the central bank stopped releasing official figures last year, the oil-rich country's November inflation rate hit 56.7%.
Economists usually agree that a 50% month-on-month rise in consumer prices is the threshold for hyperinflation.
A devil-may-care approach to money printing, foreign exchange controls and sinking oil export revenue are expected to further diminish spending power in the coming months.
Miami-based consultancy Econométrica claims the country's 2018 annual inflation rate could spiral to "100,000 or 200,000%."
Such a scenario would see Venezuela become Latin America's worst hyperinflation victim, usurping Peru, which saw its worst price increases in 1990.
BNamericas has compiled a list of the region's eight hyperinflation cases, citing data from a Johns Hopkins University study.
July 1990 to August 1990
Peak monthly inflation: 397%
June 1986 to March 1991
Peak monthly inflation: 261%
May 1989 to March 1990
Peak monthly inflation: 197%
April 1984 to September 1985
Peak monthly inflation: 183%
Peak inflation: 114%
Peak inflation: 87.6%
December 1989 to March 1990
Peak monthly inflation: 82.4%
November 2017 - ?
Peak monthly inflation 56.7%