Venezuela’s inflation could top 1 million percent

CARACAS, VENEZUEL — Economists say inflation in Venezuela could top an astounding 1 million percent by year’s end as the country’s historic crisis deepens.

The International Monetary Fund predicted the decline Monday.

The once wealthy oil-producing nation is in the grips of a five-year crisis that leaves many struggling to find food and medicine, while driving masses across the border.

Socialist President Nicolas Maduro often blames Venezuela’s poor economy on an economic war that he says is being waged by the U.S. and Europe.

IMF economist Alejandro Werner says that if the prediction holds, Venezuela’s economy will contract by 50 percent over five years.

Werner says it would be among the world’s deepest economic falls in six decades.

The IMF estimates Venezuela’s economy this year could contract 18 percent, worse than previously predicted.