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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

Updated 12 mins ago - Axios Twin Cities

In photos: Twin Cities on edge after Daunte Wright shooting

Police officers form a line as they face off with demonstrators protesting the death of Daunte Wright outside the Brooklyn Center police station on April 12 in Brooklyn Center, Minnesota. Photo by Scott Olson/Getty Images

There were tense scenes in the Twin Cities suburb of Brooklyn Center Monday night, after demonstrators defied a 7 p.m. curfew to protest for a second night the fatal police shooting of Daunte Wright.

The big picture: The curfew was announced following a night of protests and unrest over the killing of Wright, 20, during a traffic stop Sunday. Following peaceful protests and a daytime vigil, police again deployed tear gas during clashes with protesters Monday night, according to reporters on the scene.

Japan to release Fukushima water into sea

People near storage tanks for radioactive water at the Fukushima Dai-ichi nuclear power plant in Okuma, Fukushima Prefecture, Japan, in 2020. Photo: Tomohiro Ohsumi/Getty Images

Japan's government on Tuesday announced plans to release more than 1 million metric tons of contaminated water from the destroyed Fukushima nuclear plant into the Pacific Ocean following a treatment process.

Why it matters: While the Biden administration has said Japan appears to have met globally accepted nuclear safety standards, officials in South Korea, China and Taiwan, local residents, those in the fishing industry and green groups oppose the plans, due to begin in about two years, per the Guardian.

In photos: Life along the U.S.-Mexico border

Children at the border of the Puerto de Anapra colonia of Ciudad Juárez, Mexico, hang on a border fence and look to Sunland Park, N.M. Photo: Russell Contreras/Axios

Axios traveled to McAllen and El Paso, Texas, and Ciudad Juárez, Mexico, to see how the communities are responding to an increase of migrants from Central America.

Of note: The region in South and West Texas are among the poorest in the nation and rarely are the regions covered in depth beyond the soundbites and press conference. Axios reporters Stef Kight and Russell Contreras walked the streets of McAllen, El Paso, Texas, and Ciudad Juárez to record images that struck them.