Two weeks ago, as I left Caracas on Nov. 22nd. to be precise, I wrote about the cost of a breakfast which I found expensive for Venezuelans, which included cheese arepas. As I returned to Caracas two short weeks later, I went to have a single cheese arepa at the same place. Imagine my surprise when I found that the Bs. 120 cheese arepa of fifteen days ago, now costs Bs. 156.
That is a 30% increase in two weeks. A year ago I would eat two for Bs. 120.
Thus, I will keep reporting on the hyperinflated arepa in the future.
BTW, they are still delicious…
The Devil's Excrement 
December 8, 2014 at 10:47 am
Just found this link in the FT
http://video.ft.com/3880182961001/Bolivias-indigenous-bourgeoisie/Life-Arts
Bolivia is now growing, public debt is under 15% of GDP and it also boasts low inflation. Business is sprouting everywhere (seriously, look at the video) without fear.
It is not necessary to be stupid to be chavista. We just got the worse kind of the group (Ecuador is also doing very well, it appears).
It is not necessary to implement ruinous policies to keep people happy, it appears. Venezuela’s government chose to do so, but it wasn’t mandatory.
Ecuador is attracting Spanish and South American researchers with high salaries (!). It is not necessary to destroy IVIC, to be a socialist.
The problem is not socialism, anti-americanism, even chavism. The problem, it seems, is Venezuela itself.
December 10, 2014 at 4:08 pm
Political labels such as socialist are irrelevant or at best comparative. What is a socialist country? The UK is far more socialist than Venezuela; i.e. free health care, universal benefits etc… However, no one would dream of labelling the UK a socialist country.
If the problem itself were Venezuela, or Venezuelans, then it could be fixed with education. Unfortunately, as pointed out previously in this blog, the problem is that everybody takes advantage of the cheap petrol, exchange rates etc… and nobody is prepared to take 5 steps back to take one step forward.
December 7, 2014 at 11:19 pm
The best way to compare cost-of-living for the masses must include wages and cost of food. In Venezuela, lunch at a popular restaurant costs 8 hours of labor at minimum wage. In South Florida it costs half an hour of labor at minimum wage Of course, on should take into account that Venezuela lunches are heartier than in the U.S.
This difference would probably be less for teh cost of cooked-at-home meals.
By the way, another advantage of Ponche Crema is that it needs no refrigeration. It can sit in the bottle for a year without spoiling. It is made from the best rum in the world, that from Venezuela.
December 8, 2014 at 12:10 pm
I have a bottle of 5 year old Ponche Crema. It was not refrigerated. Would it still be good?
I eat arepas 4 or 5 times a week. Nothing better.
December 9, 2014 at 6:05 am
“I have a bottle of 5 year old Ponche Crema. It was not refrigerated. Would it still be good?”
Look for a sell by date. It is there on the label somewhere.
If in doubt, serve it to a Chavista!
December 9, 2014 at 7:50 pm
I don’t care who you are:
Now THAT’S funny!!!
December 29, 2014 at 7:34 pm
It should taste better than ever. The rum is now “añejo”.
December 7, 2014 at 2:52 pm
Would it be possible to prepare an “inflation of the popular class” index? This could include the 10 basic staples people eat which can be found standing in line for up to four hours, the price of a metro ticket, a beer, a cheap cell phone, a pair of cholas, a hair brush, a lightbulb, and a motorcycle battery?
I’m suggesting something like this, if it’s practical, to get a sense for the way inflation is impacting the chavista core. I know the middle class is suffering, but that’s somewhat irrelevant. The middle class will either leave, or be poor. Some of you will plug in and be one of the enchufaos. And I imagine some will land in Uribana.
But the regime will keep up with its current practices until it runs the country like a cuban colony, or it busts. And the only way it’ll go bust is if the core Chavistas feel things are unbearable. So the proposed index will give you a better idea of what’s going on.
December 7, 2014 at 8:06 pm
I would like to see that too. Of course one needs to get the Mercal prices of the stuff that they can keep in stock. For what they don’t I guess everybody pays black market? I have always thought arepas in Caracas overpriced. I wonder what they sell for at a road stand outside Caracas? The best I ever had were made from scratch and cooked on a wood grill! My inflation index was the price of a Polar on the road. Trip One, 37 old Bs. a can at 58:1. Last trip almost 200 at about 400:1 !
December 7, 2014 at 2:32 pm
Bon appetit! Amigo
December 7, 2014 at 1:58 pm
Miguel, where the hell can I get cheese here for my wife that’s like Queso Blanco in VZ? What should I be looking for, and I’ll shlep a few miles if I have to.
(It’s not for me to eat, it’s for her, because when she’s eating she talks less.)
As it is, I’m getting ready for my annual pilgrimage to Don Pan in Sunrise in a few weeks for pan de jamon and hallacas.
December 7, 2014 at 2:00 pm
And thank God for the U.S. liquor industry:
Finding Ponche Crema–no problem!!!
December 7, 2014 at 2:02 pm
Big problem is gaita. Most of ours is on CASSETTE!
December 7, 2014 at 2:04 pm
I’m a little loopy right now because we’re putting up the tree, and I have to finish the outside decorations.
Us Jews aren’t cut out for this.
December 7, 2014 at 4:13 pm
OMG! Do you really like gaitas? Gaitas maracuchas?
I know where you can find gaitas but I think it is a crime against mandkind to distribute that knowledge.
December 7, 2014 at 6:34 pm
It’s just music, and my wife likes it, so we play it here and there.
It’s interesting how someone like myself who’s had so little background in Latino music now recognizes gaita as having that Christmas sound and feeling.
Like, I can immediately recognize a song as gaita, as I learned years ago to recognize merengue or salsa.
December 7, 2014 at 2:35 pm
Ponche Crema? is it good?
December 7, 2014 at 4:08 pm
It’s great! It’s like egg nog, with the booze in it!
All of the liquor stores sell it in South Florida, and I would guess in most cities of the countries.
You know that usually, people buy fresh egg nog in the dairy section and then add booze, right? Well, this is fantastic all by itself, mixed with chopped/shaved/grated ice.
December 7, 2014 at 5:10 pm
🙂 What is it with jooooooos and Christmas?
December 7, 2014 at 6:30 pm
We love it because we were jealous growing up as kids, seeing all of the non-Jews having a ball while we spun our exciting dreidel.
That’s why so many of us marry goys.
December 7, 2014 at 10:45 pm
You mean you used to be a traditional Jew in Venezuela?
December 8, 2014 at 6:19 am
I was never traditional at anything!
December 9, 2014 at 11:10 pm
Here is a recipes for Ponche Crema. The second and third are for Coquito- a ponche[punch] with coconut.
I don’t know about Coquito, but I have purchased Ponche Crema, a.k.a. Ponche Andino, in the US. But if you want to try making them…
http://latinfood.about.com/od/rumcocktails/r/punch-de-creme.htm
http://allrecipes.com/recipe/coquito-2/
http://latinfood.about.com/od/beverages/r/coquito.htm Coquito withoug cooking.
December 7, 2014 at 2:35 pm
I think your wife did not see what you post , am i right?
December 7, 2014 at 4:09 pm
You are correct, my friend!
December 8, 2014 at 10:22 am
And if she accidentally did, the potential for Ira receiving a new circumcision would increase greatly…..
December 8, 2014 at 12:51 pm
Unless she’s a microsurgeon, it’s too small for her to cut any more off.
December 8, 2014 at 3:25 pm
LOL classic thread.
December 9, 2014 at 6:03 am
Ira:
Locatel (the pharmacy) has a small fridge in each location where they have Queso de Mano, Queso Telita and Queso Guayanes.
It is made in Florida, by Venezuelans, and is the closest thing to that made in Venezuela that you can find.
If you are looking for Queso Duro Blanco, look for it in Central American or Latino markets. There is some from El Salvador that fits the bill very well.
Buen Provecho…
December 9, 2014 at 8:50 am
We don’t have Locatels near me, but I’ll research them. Thanks! Miguel also emailed me the name of a company that distributes down here, and my wife is following up with that.
She just spoke to our niece in Calgary, and pan de jamon is selling for $22! But that’s Canadian.
December 9, 2014 at 3:21 pm
Probably the same folks that distribute to Locatel.
You should be able to find those cheeses in Doralzuela or Westonzuela, lord knows there are plenty of stores there that carry those things.
December 7, 2014 at 1:15 pm
Your inflation figures might need some adjustment:
Did you actually weigh your arepas each time to see if they contain the same amount of harina pan and cheese, in whatever proportions? They might be shorting you as time goes on.
I think it’s worth the risk for you to fly into Caracas next time with a small scale. I’m sure the authorities will believe that you’re using it to weigh arepas for journalistic purposes, and not DRUGS.
(You know, sometimes I make MYSELF laugh!)
December 8, 2014 at 2:03 am
That’s a very good point.
I haven’t set foot in Venezuela for an year, but a friend tells me they now have to order two plates at some restaurants to feel reasonably satiated!
December 7, 2014 at 12:05 pm
We are seeing the (not so slow) collapse of a corrupt government. Maduro can decree anything but economic reality, which runs on its own rules, and governments ignore those rules at their own risk. I can see hyperinflation on the near horizon.
December 7, 2014 at 1:33 pm
Venezuela has been in hyperinflation since November 2009 when your 3 year cumulative inflation reached 100% for the first time. PricewaterhouseCoopers published a report about in December 2009. So, Venezuela has been in hyperinflation for the last 5 years already.
December 7, 2014 at 11:42 am
The “arepa con queso” is the easiest to prepare and therefore the most profitable to sell. If you try to calculate the “arepa index” for the arepa de pernil or the reina pepeada, the index skyrockets !!!.
December 7, 2014 at 10:49 am
What occurred in November with prices is shocking.
One analyst suggested that the inflacion rate just for November was 50% based on a number of factors including the increase in the black market rate.
We’ll never eally know as the government has stuck it’s head in the sand & is not reporting inflation numbers – now almost 3 months behind.
My own list of 64 products & services has increased 115% since Jan. 2014 however it includes 6 items that are unavailable & therefore show no increase in price from 2013.
My numbers were given a boost this week by the increase in olive oil which has been missing from the shelves for months. In January 2014 1 litre cost Bs.92. On Friday Sigo Sambil had 500 ml of Gallo olive oil at Bs1.667 which is Bs.3.334 a litre.
One has to think that there is a billing scam going on here as to justify them selling at this price. Multiple levels of supply all marking up or false invoices from suppliers outside to justify the price. You can be sure this product came into the country at least at Sicad 2 exchange rates.That would make a litre cost almost US$67.
I don’t know where this is all going to end but for businesses trying to set prices it’s a nightmare. In order to survive you have to raise prices but the nazi “precios justos” police are just waiting to jump on you. There is no reality anymore.
Another observation – when the black market exploded over the last few weeks people saw an ineviotable increase in prices & have stripped the shelves again of any imported item especially electronics.
December 7, 2014 at 11:21 am
Please, don´t forget to post your “2014 Margarita Price List”
Thanks.