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A cup of coffee now costs a million bolivares in Caracas.
It is a surprising amount of money.
Consider that just two years ago, when we launched the Index Bloomberg's Milk Coffee 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 – it would be necessary to assemble a lot of 10 thousand.
However, at the same time, 1 million bolivars are really nothing. When you convert them into dollars, they are only 29 cents.
This contrast – a cafe consumes a large portion of a workman's monthly salary, but costs only 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 in Venezuela over the past 12 months has risen to 43,338 percent, according to the index.
the last three months and this pace is expected to a full year, an even darker picture is observed: inflation of 482,000 153 percent.
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