The International Monetary Fund has projected that inflation in Venezuela will hit 720% in 2017, which may be a buoyant evaluation according to some experts. A big part of the conundrum is a steep descent in the prices of oil, careless government spending, and monetary donations and subsidies to other countries. To understand this hyperinflation, GSP talked to several people in a fishermen’s village located in the Venezuelan coast. The Linares family is depicted in this image: grandpa and grandma take care of two granddaughters while their parents are at work. Grandma sells cheese and fish “empanadas” for BsF 600 each, and small cups of coffee for BsF 120. Grandpa has been out of work for several months. Their monthly income is BsF 25,000 or US$2,500 at the current official exchange rate of 10BsF per dollar, but the US$ in the black market costs 1,000 BsF. At this rate, the family earns just US$25 per month. Other indicators in the black market are: one dozen eggs, 1,500 BsF; one lb. of powdered milk, BsF 1,000; one lb. corn flour, BsF 200. One lb. of sugar 1,500 BsF. It now takes almost everything the family earns to feed themselves and help out their grandchildren, and subsist mainly on yucca (cassava), eggs (when they can find them), plantains, and the traditional cornmeal patties called arepas. Everything else (chicken, meat, and even local fish) is pretty much out of reach.
— Gina Santi is a freelance photographer born and raised in Venezuela and currently based in Tempe, Arizona. She earned her master’s degree in Cultural Anthropology from Northern Arizona University and has participated in various events in Northern Arizona, including the annual Celebraciones de la Gente at the Museum of Northern Arizona. Visit http://www.ginasantiphotography.com for more information.