Picturing Venezuela’s Surreal Prices

Picturing Venezuela’s Surreal Prices (ZeroHedge, Oct 6, 2014):

Venezuela’s economic crisis has led to some shocking and surreal price distortions that hit people’s buying power dramatically. While the government of President Nicolas Maduro calls the country’s minimum wage of Bs. 4,252 the highest in the region when converted to $675 using the official exchange rate, the galloping black market for currency considers it as just $42.50 when converted at the street rate of Bs. 100 per US dollar, the rate which many importers and retail outlets must use to acquire hard currency. From Coke to crayons and carrots and from Tires to TVs, Venezuelan prices offer a glimpse of a modern-day hyperinflation.

Leave a Comment