most severe episode of hyperinflation in history." The IMF reported that the inflation rate for 2018 reached 929,790%, slightly below the original 1,000,000% estimate. 2019 inflation estimate In October 2018, the IMF estimated that the inflation rate would reach 10,000,000% by the end of 2019, which was again mentioned in its April 2019 World Economic Outlook report. 2021 inflation estimate In December 2021, economists and the Central Bank of Venezuela announced that Venezuela would reach in the first quarter of 2022 more than 12 months with monthly inflation below 50% after more than four years of a hyperinflationary cycle, which would technically indicate its exit from hyperinflation, but its consequences remained by that date. Causes A monetarist view is that a general increase in the prices of things is less a commentary on the worth of those things than on the worth of the money. This has objective and subjective components: Objectively, that the money has no firm basis to give it a value. Subjectively, that the people holding the money lack confidence in its ability to retain its value. According to experts, Venezuela's economy began to experience hyperinflation during the first year of Nicolás Maduro's presidency. Potential causes of the hyperinflation include heavy money-printing and deficit spending. In April 2013, the month Maduro took office, the annual inflation rate was 29.4%, only 0.1% less than the rate in 1999 when Hugo Chávez took office. By April 2014, the annual inflation rate was 61.5%. In early 2014, the BCV did not release statistics for the first time in its history, with Forbes reporting that it was a possible way to manipulate the image of economy. In April 2014, the IMF stated that economic activity in Venezuela was uncertain but may continue to slow, and that "loose macroeconomic policies have generated high inflation and a drain on official foreign exchange reserves". The IMF suggested that "more significant policy changes are needed to stave off a disorderly adjustment". According to economist Steve Hanke, Venezuela's current economy, as of March 2014, had an inflation rate hovering above 300%, an official inflation rate around 60%, and a product scarcity index rising above 25% of goods. The Venezuelan government did not report inflation data for September and October 2014. The growth in the BCV's money supply accelerated during the beginning of Maduro's presidency, which increased price inflation in the country. The money supply of the