Venezuela Economy: Hyperinflation drastically raises price of food, basic necessities

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Venezuela's economy is suffering from drastic hyperinflation. The economic crisis has left many without enough money to purchase basic goods or even see a doctor. CGTN's Juan Carlos Lamas has more.

It's Sunday morning at San Alberto Hurtado Church in La Vega slum in Caracas. The sermon --- about being thankful and sharing blessings ---has particular meaning for the working class members of Father Alfredo Infante's congregation.

ALFREDO INFANTE JESUIT PRIEST "In 2014, when I got here, the donations from a Sunday mass were enough to buy 30 eggs, and I still had money left to buy other things."

The donations from a Sunday service that once provided enough money for Father Alfredo to buy a month's worth of groceries now don't even pay for a single egg. Hyperinflation has hit his parishioners hard.

FLOR FUENTE SCHOOL TEACHER "I can't take my children to the doctor. My daughter's last medical consultation was less than a dollar and I had to ask for a loan to pay it because my monthly income was not enough."

JUANA ESTRADA PENSIONER "It's been 10 years since I bought a new pair of shoes. My monthly pension will buy a kilo of rice and some eggs. I cannot imagine how those who do not have a job are living."

Venezuelan President Nicolas Maduro has increased the minimum wage 21 times since he came to power in 2013. But as the wages rise, so do prices.

JUAN CARLOS LAMAS CARACAS In mid-March, 30 eggs cost 200-thousand bolivars; at the beginning of April - it was triple that price and now, 30 eggs cost about a million bolivars, more than the minimum monthly wage of a two-income family.

And for people like Daniel Linares, whose income comes from selling vegetables in the streets of Caracas, every day is a struggle to overcome the challenges of hyperinflation.

DANIEL LINARES VENDOR "I sell all my vegetables individually --- for example one onion, one tomato or two sweet peppers. It's cheaper like that, and at least for one day, some people will have something to eat."

And as the International Monetary Fund estimates inflation levels in Venezuela will climb close to 14-thousand percent this year, along with a fall in the GDP of 15%. Venezuelans are praying for better times to come. Juan Carlos Lamas, CGTN, Caracas.