The Venezuelan capital is now cheaper than war-torn Damascas, Syria.
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Caracas actually replaced Damascus this year thanks to the country’s economic ruin. Last week, the country was racing to repair a four-day-long blackout that impacted 22 out of 23 states, including the capital. The ruling Socialists United party said the grid went dark due to U.S. hacking. Washington denied it. Caracas is in such rotten shape that based on the index it is is nearly two times worse than Damascus.
Venezuela’s costs are mainly due to the destruction of its currency and high rates of government subsidies. For instance, a loaf of bread averages just $0.77 in Caracas, down from $2.25 last year. All of this is due to subsidies and mispricing in the market. Hyperinflation reached 1,000,000% last year. Moreover, public services like government-funded medical care and public transportation have deteriorated again in 2018 into 2019.
The Worldwide Cost of Living is a biannual survey that compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs. More than 50,000 individual prices are collected in each survey, conducted each March and September and published in June and December.
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