Refer to Figure 1. Venezuela's Inflation Rate. Once deemed as a wealthy country in the 1980s, Venezuela's economy went downward when oil price took its plunged in mid 80s. Many steps have been taken by the country's central bank including increasing the money supply, however only causing the country to get worsen and currently experiencing hyperinflation. What when wrong and how do you think other countries' Central Bank could learn from Venezuela to ensure their country's economy stability? Apply the knowledge you have learnt in this subject. Venezuela's Annual Inflation Rate Annual Inflation 180000 (1/29/19): 112,189% Implied Annual Inflation Rate 160000 140000 @120000% 100000% Annual Inflation Rat 80000% 60000% 40000% 20000% 0% Jul-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Date Sources: U.S Bureau of Labor Statistics, AirTM Calculations by Prof. Steve H. Hanke, The Johns Hopkins University. Note A: These inflation rates are implied by the movements in the black-market VES/USD exchange rate. Figure 1. Venezuela's Inflation Rate