Hyperinflation in Venezuela has lasted for more than a year. Although the Maduro government raised the minimum wage four times this year, the Venezuelan people of 5 million Bolivars a month could not afford three cups of coffee.
We are all millionaires, but we are poor." Maigualida Oronoz, 43, a Venezuelan nurse, reported in the Guardian that her minimum monthly wage was barely enough to buy a kilogram of meat to feed her children. She says wages are just enough to buy food for hunger, and if there's an emergency, they can't help it because "the price of drugs is too high, and it's rising every day."
It is believed that Venezuela's fiscal revenue depends on oil exports for more than 90% of its total. However, in recent years, its oil revenue has decreased dramatically, mainly due to the sharp fall in international oil prices and the continuous decline in production, coupled with the runaway government expenditure, resulting in a recession in its economy. In this context, the government printing more and more money has led to a vicious circle, making prices rise rapidly, and money is becoming increasingly worthless.