Finding the World’s Most Expensive Cup of Coffee

NEW YORK CITY, NY – What is a cup of coffee worth in 2021? Though it’s only $1.50 in Venezuela today, the depreciation of the Bolívar has led to an economic crisis in the socialistic country, driving the price of everything through the roof. Using coffee as an example, Bloomberg started the “Venezuelan Café Con Leche Index” to measure one of the most important figures never reported by the government – inflation. With an exchange rate of 1.8 million Bolívares per U.S. dollar, the Bolívar Soberano is the lowest valued unit of currency in circulation in the world. So for the average Venezuelan, that morning cup of coffee is 3 thousand times more expensive than it was just one year ago. To put the country’s situation into perspective, Nicolas Perrault III, a Ph.D. student from Ontario, Canada, developed the Venezuelan Hyperinflation Graph to show how quickly value is lost due to the crisis. Roughly 90 percent of value disappears within three months due to the overwhelming rate of inflation. In comparison, it would be the equivalent of a $4,527 cup (USD) of coffee for you.
(SOURCE: All Ag News)