I recently posted a comment on Facebook about a news story I had watched on Al Jazeera. Basically it claimed that the government of Venezuela, to appease its citizens and reduce the effects of ramped inflation, kept the price of gasoline at an incredibly low number. It was stated that it cost more for a package of chewing gum than to fill up a typical SUV.
In response to my posting I received a reply from a Venezuelan friend of mine stating that it cost him .25 cents in Venezuelan currency to fill up the 12 gallon tank of his car. At the current exchange rate between his currency and the American dollar he says he fill up his tank for .05 cents US.
Jorge also stated that in 2013 his country experienced an inflation rate of 56%. The worst inflation I’ve experienced in America was in the 1970s when the rate exceeded 20%. We have been experiencing “creeping” inflation for years but not since the 70s have we experienced anything significant. Just imagine every year everything you buy is going to possibly cost you over 50% what you paid for it the year before.