Thursday, June 28, 2018

The Cost of One Cup of Coffee Just Hit 1 Million Bolivars in Venezuela

Now, this is what hyperinflation looks like.

A cup of coffee now costs one million bolivars in Caracas.

Over the past 12 months in Venezuela, the Bloomberg Cafe Con Leche Index has climbed by 43,378 percent.

Bloomberg notes:
Consider that just two years ago, when we launched the Bloomberg Cafe Con Leche Index, a coffee cost 450 buy a cup [today]with the most common bill in circulation -- the 100-bolivar note -- you’d need to gather up a stack of 10,000 of them..

And yet, at the same time, one million bolivars is really nothing. When converted into dollars, it comes to a mere 29 cents.

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