CARACAS (AFP) - Venezuela's money, the bolivar, is sinking faster and faster under an intensifying political and economic crisis that has left citizens destitute and increasingly desperate.
Its depreciation accelerated this week, after a disputed vote electing an all-powerful "Constituent Assembly" filled with allies of President Nicolas Maduro, which the opposition and dozens of countries have called illegitimate.
On Thursday alone, the bolivar slumped nearly 15 percent on the black market, to be worth 17,000 to one US dollar.
Venezuela's inflation rate is soaring as the people put more pressure on the Maduro regime . As you can see from the chart below it's new annual inflation rate is now 950% which broke the old record back in 2015 at 800% and they still have half the year to push the record up even farther.
In the article it talks about a man that makes 800,000 bolivars a month, not year, a MONTH. Which is about 47 US dollars.
They also say 2 pounds of rice costs about 17,000 bolivars or 1 US dollar. Which is pretty close to the price of rice per pound in the US.
See this is what happens when currencies loose value or in Venezuela's case fall through the floor. The price of food maintains it's value but the value of others things like the cost of labor deceases and you have people making more money then they have ever dreamed of but still can't afford to feed themselves.
That's why it's important to have alternatives to fiat currency like precious metals, cyrptos, storable food, guns, ammo and other basic good that people are going to want to still have during hyper-inflation.
Source: http://www.france24.com/en/20170804-venezuelas-currency-crumbles-dizzying-speed