Venezuelan consumer prices rose 488,865 percent in the 12 months ending in September, a member of the opposition-run congress reported on Monday, as the OPEC nation’s hyperinflation continues to accelerate amid a broader economic collapse.
Daily inflation is now 4 percent, according to opposition legislator Angel Alvarado, with monthly inflation rising to 233 percent in September from 223 percent in August.
Not sure how you get four hundred thousand percent out of that, but it’s not like the government has a clue what to do about it:
In an effort to stabilize prices, President Nicolas Maduro in August cut five zeros off the ailing bolivar currency, boosted the minimum wage by 3,000 percent, and pegged salaries to an elusive state-backed cryptocurrency.
A mere ten years ago, the first three zeros were lopped off the bolívar, something Caracas hadn’t seen fit to do since 1879.
“The only thing planned economies never run out of,” says Stephen Green, “is zeros.”