 According to this release, the inflation of Venezuela was 274% in 2016, 863% in 2017 and 130,060% in 2018.The annualised inflation rate as of April 2019 was estimated to be 282,972.8% as of April 2019, and cumulative inflation from 2016 to April 2019 was estimated at 53,798,500%.The new reports imply a contraction of more than half of the economy in five years, according to the "Financial Times" "one of the biggest contractions in Latin American history".