By Admin 
It is not known how the crisis in Venezuela, which has been suffering from inflation for many years, will be reduced, but the people there are paying a good amount of money to meet their daily needs. America’s airstrike on January 3 has changed the political scenario there.
People there are turning towards crypto based market amidst strict restrictions and inflation. Here an increase of 480% has been seen in the US dollar in the last 12 months. On Wednesday, the Central Bank of Venezuela set the official exchange rate at 301.37 bolivar per dollar. Whereas in the beginning of 2025 this price was recorded at 52.02. The local currency there has lost its value.
The situation of crisis in Venezuela has been more frightening in 2018. Today’s situation can be estimated from the situation at that time. Due to the fall in currency here, one liter milk has been sold for more than Rs 80 thousand. The price of bread here was in the thousands and one kilo of meat was available for three to three lakh bolivars.
The people there are forced to depend on the parallel market.
Here the purchase of dollars at the government rate remains limited. Due to this, there is no option but to depend on the business and parallel market here. The prices of food items, rent, transportation and import items are being decided at the black market rates. Due to this, reduction in real income is clearly seen. Half the population here is dependent on the crypto market. It has emerged as an informal market.
President Nicolas Maduro had claimed about 9% economic growth in 2025, but private firms had claimed that the inflation estimate would be more than 500%. Official inflation data has not been released in Venezuela since 2024.
There is a shortage of hard currency here. This means limited access to physical currency bills and coins. The reason for this is Venezuela’s continuous conflict with America.
Price of corn flour 240 to 260 bolivar
Based on a CNN report published in November 2025, Yoan Michael Hernadette, a 25-year-old driver living in the slum of Petare, east of Caracas, said that prices are increasing every day. Corn flour is 220 bolivars. It can be from 240 to 260 bolivar. Cornflour flour was priced at just one dollar 15 days ago, which has now become three dollars.
According to the United Nations, Venezuela historically does not meet its needs. Not enough food is produced there. Many products have to be imported from abroad. Payment for them has to be made in foreign currencies. For this reason, there is a huge increase in the prices of everyday items like milk, oil, flour and other things.
Breakfast is available for 8-10 dollars
Marjorie Yanez, a 40-year-old street food seller in Caracas, told CNN that not many people are shopping these days. Even those who can afford are buying less. Dollar is becoming expensive every day. Very bad for retailers. Prices have to be increased every day. A normal breakfast of croissants and café con leche at a bakery here can now cost as much as $8 to $10. The minimum wage here is less than one dollar. More than 70 lakh people have left the country here in the last few years.