The intention of this article will be to describe how the prices went wild, and what you could expect in a hyperinflation scenario. Perhaps softer, or perhaps worse, that is not possible to know for an amateur like me, not being an economist. But something similar to this is what could be expected in the real world, not in some hypothetical scenario of the theoretical economy.
For some reason that I will try to elucidate afterward, the salaries stopped being useful for buying anything other than food. The prices I will publish in our national currency, the Bolivar already were rounded by taking 3 zeroes by Uncle Hugo´s command. A few days ago, this was done…again, now by command of the bus driver, in an attempt to make the hyperinflation look less threatening. Go figure.One Bolivar is worth 0.000020 USD. The minimum wage is $5.21 or 1.800.000 Bs for a month. Now, how could we expect someone to live under these conditions? It is entirely unexplainable to me that this has not generated massive riots… yet.
Here are the hyperinflation costs of basic items in Venezuela.
Remember, many people are paid only 1.800.000 Bs for a month:
Vegetable oil 900ml. Bottle: 748.367 Bs
Cereal mixture for milkshakes: 900Grs can: 1.057.057 Bs
Wheat flour, 1 kg: 398.750 Bs
Cheese, 1 kg: 2.160.950 Bs (yes, TWO MILLION)
Chicken and Bacon: 2.299.500 Bs
395Grs Condensed milk w/sugar: 566.144 Bs
Oatmeal 400 Grs: 550.000 Bs
1 kg. Margarine: 747.000 Bs
1Kg Chocolate mixture for milkshakes: 2.060.000 Bs
Cheese (melted-for spreading) 300 Grs: 1.097.230 Bs
Black Olives 235Grs: 1.677.120 Bs
Ladies deodorant: 890.000 Bs
Insecticide 1 can: 900.000 Bs
Mayonnaise 910 Grs.: 955.000 Bs
2 toilet paper rolls: 399.974 Bs
1 Kg. avocados: 500.000 Bs
30 Eggs: 650.000 Bs.
Dog food, dry, bulk 20Kg: 6.060.000 Bs
Dishwashing soap, cream 500 Grs: 440.000 Bs
2 door fridge: 627.900.000 Bs (yes, six hundred MILLION)
400ML. Shampoo: 2.052.050 Bs (2 million)
4 small ice cream cups: 2.072.691 Bs
Rice 500 Grs: 115.277 Bs
TV 65 inches: 329.999.990 Bs
2Lt soda: 298.000 Bs
Lemon Juice, 500ml bottle: 731.881 Bs
Light bulb, power saving: 935.000 Bs
Shoes: 5.986.825 Bs
Catfish: 465.300 Bs
Sweet corn 400Grs: 466.480 Bs
Ground meat: 1.150.000 Bs.
Steak: 1.300.000 Bs (depending on the region, usually cheaper in cattle-producing states)
Pork chops: over 1.000.000 Bs
Corn flour, 1 kg: 265.000 Bs.