SAN ANTONIO DE LOS ALTOS, Venezuela (NBC) – The economic crisis in Venezuela is so severe that people are trading food for gasoline.
A barter system has developed in the oil-rich country that has been hit with hyperinflation.
The International Monetary Fund says inflation is expected to hit a staggering 200,000 percent this year.
But gasoline is subsidized and cheap in Venezuela. A full tank these days costs a tiny fraction of a U.S. penny. So gas station customers are paying for fill-ups with a little food—cornmeal, candy bars, snacks, or cooking oil.
The South American nation of roughly 30 million people is gripped by a deepening political and economic crisis.
The smallest bill in circulation is worth about a quarter of a U.S. penny. The largest bill, “50,000 Bolivars,” is worth $2.50 in the U.S
More than four million Venezuelans have fled the country in recent years to escape low wages, ill-equipped hospitals and lack of basic services.
© 2024 KOBI-TV NBC5. All rights reserved unless otherwise stated.