IMF: Venezuela Inflation to Surpass 700%...

The International Monetary Fund says Venezuela inflation will climb past 700 percent this year.

In a note published today, IMF Western Hemisphere Director Alejandro Werner said inflation would more than double in the country in 2016, reaching 720 percent.

Venezuela already suffers from the world's highest inflation rate. The IMF estimates that inflation is already running at over 275 percent.

But there is another view. Venezuela's new economic czar Luis Salas says "Inflation does not exist in real life."

  -RW