In its latest World Economic Outlook report, the International Monetary Fund forecast inflation in crisis-stricken Venezuela to hit 1,370,000% in 2018 before surging to 10,000,000% the following year.

The latest inflation forecast for 2018 is up from the IMF's previous 1,000,000% projection made in July, Bloomberg News reported.

The IMF sees Venezuela's economy, which shrank 14% in 2017, contracting another 18% this year and shrinking 5% in 2019.

"Venezuela's economy continues to decline for the fifth consecutive year, following a 14% drop in 2017," the IMF said, adding that further contraction this year and next will be driven by plummeting oil production, and political and social instability.

Meanwhile, opposition legislator Angel Alvarado said daily inflation in the country is now 4% after annual inflation hit 488,865% in September, Reuters reported.

Legislators in Venezuela's opposition-controlled Congress are the only source for economic indicators as the country's central bank stopped disclosing such data almost three years ago.