Lawmakers: Inflation in Venezuela tops 2,600 percent in 2017

Venezuela's opposition-controlled legislature said Monday that inflation in the economically struggling nation reached a staggering 2,600 percent last year.

The figures underline the problems besetting Venezuela, where food, medicines and other basic goods are in extremely short supply. There have been recent instances of looting reported across the country.

Venezuela sits atop the world's largest oil reserves, but low production by the state oil monopoly and the global drop in crude prices has thrown the Latin American country into crisis.

Opposition lawmaker Angel Alvarado posted the inflation figures on Twitter, saying that the only way to fix Venezuela's economic crisis is by changing its political course.

The government of socialist President Nicolas Maduro has released no official economic figures.