Does A Dozen of Egg Actually Cost $150 in Venezuela?
A cashier counts bolivars at a money exchange in Caracas, Venezuela. | Photo: Reuters __________________________________________________________________________ International media outlets are continuing to misreport the economic crisis in Venezuela and the effect of high inflation on the cost of living. OPINION: Economic Policy Could Determine Venezuela's Political Results On Tuesday, the Los Angeles Times published a story claiming that, "It costs US$150 to buy a dozen eggs in Venezuela right now." The newspaper backs up that claim by using an exchange rate of 10 bolivars for one U.S. dollar, according to which a woman in Caracas who buys a carton of eggs from a street vendor for around 1,500 bolivars is paying “a staggering US$150 at the official exchange rate." But the article uses wrong exchange rate for the example. In Venezuela, companies that import basic goods pay an exchange rate of 10 bolivars per dollar—a subsidy meant to encourage a st...