Ten Everyday Items That Now Cost More Than the Monthly Minimum Wage in Venezuela

As Venezuela's bolivar loses its value at an unprecedented rate, the purchasing power of ordinary citizens is going down with it.

While President Nicolas Maduro decreed a 30 percent increase to the minimum wage in May, the currency has plunged even more -- losing 88 percent over the past year in the black market where people and businesses go to avoid strict controls on dollar purchases.

It now takes 630 bolivars to buy $1 in illegal street markets, according to dolartoday.com. That means that Venezuela’s largest bank note of 100 bolivars now fetches less than 16 cents, and that the monthly minimum wage of 7,422 bolivars is worth a little over $11.

For people in a country where inflation is under control and the currency is relatively stable, it can be difficult to fathom what this really means for everyday Venezuelans who are suffering from shortages of everything from milk to baby formula. These relatively inexpensive items cost more than a month's wages

1. This Nerf football for $17.99 from Walmart. 

2. An UberX taxi ride from SoHo to Midtown Manhattan for $14.51.

3. This stapler for $15.49 from Staples. 

4. This 3-foot party balloon for $16 from Urban Outfitters.

5. This hairbrush for $15.99 from Target. 

6. This 12-pack of Carmex lip balm from Walgreens for $13.49.

7. This baby formula from Babies "R" Us for $21.99.

8. This Grumpy Cat mug from Zazzle for $16.95.

9. The two cheapest arepas at Caracas restaurant in New York for $16. 

10. This t-shirt commemorating Venezuela's late president Hugo Chavez from Ebay for $12.50. Viva la Revolucion.