Be glad you don't live in Venezuela

The Times reports:

Venezuela is experiencing runaway inflation in an economy where the government, which insists inflation is “induced” by its enemies, still believes that it can control prices. In most cases it fails; the majority of products are sold at market rates, which is one reason why most Venezuelans say they have lost weight over the past 12 months. But there are a few prices that the government does successfully control, and that creates ludicrous distortions. The most notorious is petrol: one litre now costs a fraction of a British penny. Domestic airline prices are regulated but taxi fares are not, so a 40-minute ride to the airport costs three times more than an air ticket to any city in Venezuela (about £1.50). However, because airlines have to sell their tickets at such unrealistic prices, yet still have to buy spare parts in dollars, only 20 planes out of the national fleet of 100 are flying. So Venezuela can boast the world’s cheapest air tickets — but there are hardly any available.

The minimum wage has failed to keep up with inflation. Despite four rises this year alone, it has slipped in real terms to the equivalent of £1 a month. An egg costs more than one day’s wage, prompting Venezuelans, whose sardonic humour is helping many to endure this catastrophe, to observe that a hen earns more than a teacher.