How Much It Costs To Buy Everyday Items In Venezuela

With a 3,000% rise in the minimum wage and inflation set to reach 1,000,000 % by the end of the year, chances are that the pictures are already out of date. The country is undergoing huge reforms in a bid to rescue the economy, including a new currency that chops five zeros off notes.

Banks will close as they prepare to release the ‘sovereign bolivar,’ the new currency printed with five fewer zeroes in a bid to tame soaring inflation.

Venezuela was once among Latin America’s most prosperous nations, holding the world’s largest proven oil reserves, but a recent fall in oil prices accompanied by corruption and mismanagement under two decades of the socialist rule have left the economy in a historic economic and political crisis.