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Less than two years ago, a cup of coffee cost 450 bolivars in Venezuela. Today, as the nation's hyperinflation continues to skyrocket, a cafe con leche costs 1 million bolivars — or a mere 29 U.S. cents, according to Bloomberg.

Expand chart
Data: dolartoday.com; Chart: Andrew Witherspoon/Axios

Why it matters: The economic devastation in the country, despite vast oil reserves, has led to mass migration, starvation and political unrest. Despite large protests last year, President Nicolas Maduro won a sham reelection with turnout at only 46%, despite the government attempting to bribe voters to the polls.

The big picture: It's nearly impossible to compile the cash needed to grab a coffee given allowances at banks in the country. Back in January, CNN Money's Stefano Pozzebano detailed his attempt to get cash in the Venezuelan capital, ultimately getting 10,000 bolivars — that day's allowance — after visiting four banks over four hours. On that day, less than six months ago, 10,000 bolivars equaled six U.S. cents.

  • The exchange rate then meant that $1 would get you about 200,000 bolivars. Today, with an exchange rate of $1 to a little over 3.4 million bolivars, per DolarToday, that same cash allowance is equal to somewhere around a third of a cent.
  • The most common note in circulation is 100 bolivars, so you'd need 10,000 of them for your cup of coffee, per Bloomberg.
  • The current yearly inflation rate in Venezuela is now 43,378%, according to Bloomberg — and the rate over last three months extrapolated over a full year would be a staggering 482,153%.

By the numbers, according to a study by Project Syndicate's Ricardo Haussman last year — before the nation's hyperinflation kicked into high gear:

  • The minimum wage declined by 88% from 2012 to 2017 when compared against the black market exchange rate.
  • The median worker wage could only purchase 2,740 of the cheapest available calories per day as of the end of 2017.
  • "Meat of any kind is so scarce that the market price of a kilogram is equivalent to more than a week of minimum-wage work."
  • Venezuela's GDP contracted by 40% in per capita terms from 2013 to 2017 — and that's based off estimates as Maduro stopped reporting economic data in 2015.

From the ground: The New York Times's Andes bureau chief Nick Casey recently visited Venezuela:

  • "It's as if people have accepted this is how life is going to be now: little food, not much water, fewer cars because there are no tires."
  • He introduces a young Venezuelan girl, Mia, who "is one of about 50 kids at risk of malnutrition who receive one meal a day at [a] soup kitchen, just enough to keep them from the brink — at least for a year, while the program lasts."

Go deeper:

Go deeper

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WHO: Delta health measures help fight Omicron

Photo: Mario Tama/Getty Images

Health measures taken to combat COVID-19 before the emergence of Omicron would also help against the new variant of concern, World Health Organization officials said Friday.

What they're saying: Takeshi Kasai, WHO regional director for the Western Pacific, said during a virtual briefing broadcast from Manila, Philippines, that border controls imposed by the U.S. and other nations can "buy time" to deal with the variant, but warned "every country and every community must prepare for new surges in cases."

2 hours ago - Health

Nevada to impose insurance surcharge on unvaccinated state workers

Nevada Gov. Steve Sisolak. Photo: Ethan Miller/Getty Images

Nevada's Public Employees' Benefit Program Board voted Thursday to charge workers enrolled in public employee health insurance plans a surcharge of up to $55 a month if they're not vaccinated against COVID-19, the Las Vegas Review-Journal reports.

Why it matters: Nevada is the first state to announce such a move, per AP.

Oklahoma sues Biden administration over Pentagon vaccine mandate

Secretary of Defense Lloyd J. Austin testifies before a House Armed Services Committee hearing on Sept. 29 in Washington, D.C. Photo: Olivier Douliery/Pool via Getty Images

The state of Oklahoma filed a lawsuit against the Biden administration on Thursday in an attempt to block the enforcement of its vaccine mandate for federal employees.

Why it matters: The move comes one day after Defense Secretary Lloyd Austin denied Oklahoma Gov. Kevin Stitt's (R) request to exempt the state's National Guard from the mandate.