December 17, 2018

NEWSWEEK: Venezuela Inflation Rate Passes 1 Million Percent, and It’s Costing Lives Every Day: This Is What Devastating Hyperinflation Looks Like.

The assembly forecasts that Venezuela would even hit 4.3 million percent by the end of this month. Econoanalítica, a Venezuelan private financial firm, affirmed that hyperinflation would reach at least 2 million before December ends, local reports indicated.

With such a staggering rate, it’s no wonder Venezuelans like Diaz have rushed to spend money before prices continue their increase. Last month, after Maduro announced its sixth minimum wage increase in 2018, the price of a cup of coffee went up 285,614 percent—which is equivalent to 400 sovereign bolivars or $0.76—and the black market exchange rate, considered the real measure to know real costs in Venezuela, dropped to 526 bolivars per dollar from the previous 460, Bloomberg’s Cafe Con Leche Index reported early this month. Pan de jamón, a bread filled with raisins and ham (a staple food for Venezuelans during Christmas) increased 52 percent in late November, Bloomberg added.

“You can’t have savings in the bank,” Díaz told Newsweek in a video interview from Caracas. “The central bank is doing this because they’re printing and covering the money that the government of Nicolas Maduro is not producing. Hyperinflation is the culprit of this phenomenon and we, the population, are the victims.”

Victims of what, exactly, is up for debate apparently, as Newsweek couldn’t bring itself to use the S-word even once in a 1,650-word report.

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