Venezuela is officially no longer suffering from hyperinflation but it’s still dealing with the effects of an inflation rate about a hundred times higher than that of many developed nations. Venezuela’s central bank says annual inflation hit almost 690% in December 2021. | CGTN America

A video circulating again on social media highlights the effects of hyperinflation during Venezuela’s economic collapse. The clip describes how the national currency, the bolívar, rapidly lost value, sometimes within hours. According to widely reported accounts from that period, prices of basic items such as coffee and bread could double overnight. Many residents were seen carrying large amounts of cash to purchase everyday goods, as smaller denominations became insufficient. In several cases, w