Venezuela has such insane inflation that iPhones cost $47,000
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Venezuela is currently in an economic crisis, and it’s causing the price of everyday gadgets to skyrocket.
It’s so bad that, according to the official exchange rate, an iPhone 6 costs over $47,000, reports Bloomberg.
The problem is twofold: There’s a nationwide shortage of top-tier smartphones as well as inflation reaching never-before-seen heights. The Venezuelan bolivar (the country's currency) currently has two "official exchange rates," 6.3 and 12 bolivars per dollar, that the government uses to calculate purchase prices for essentials like medicine.
