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To buy a cup of coffee with 100 notes bolívares, the most common denomination in the country, it would be necessary to gather a hill of 10.000 tickets.
A cup of coffee now costs 1 million bolivars in Caracas. It is a surprising amount of money. Consider that two years ago, when we launched the Bloomberg Coffee With Milk Index, a cafe cost 450 bolivars. Or that today 's price equates to nearly a fifth of the monthly minimum wage. Or that to buy a cup with the most current ticket in circulation – the one with 100 bolivars – one would have to collect a lot of 10,000.
However, at the same time, 1 million bolivars is really nothing. When they are converted into dollars, they are only US $ 0.29. This contrast – a cafe consumes a large portion of a worker's monthly salary, but only costs a few cents – illustrates the devastating effects of hyperinflation and how it can impoverish a society.
With the latest price hike – from 800,000 bolivars just a week ago, inflation over the past twelve months in Venezuela has risen to 43.378%, according to the index. And if we badyze the panorama of the last three months and project this rhythm over a whole year, we observe an even darker image: an inflation of 482,153%.
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