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In Venezuela, An iPhone 6 May Cost You $47,678

by Melanie Bencosme /  / Updated 
A man uses a smartphone.© Mike Segar / Reuters / REUTERS

The IPhone 6 can cost up to $47,678 in Venezuela, the country with the world’s highest inflation rate.

Venezuela is facing harsh economic times, and though the number of mobile users has shrunk by almost half since 2012, Bloomberg reports that those who want one have to go through the government-run phone provider amid a dollar shortage and a lack of inventory, making the cost very expensive.

A new-model Apple iPhone 6 is about 300,000 bolivars or $47,678 at Mercado Libre, a local e-commerce site. This is about 41 times the country’s minimum wage.

Though the country recently raised its minimum wage by 30 percent, it is still about $30 a month at black market prices. A 3G Samsung Galaxy Fame cost more than two months pay for those making minimum wage.

Venezuela has seen its wealth shrink sharply as oil prices have fallen by a third; Venezuela is one of the world's oil suppliers. The country's reserves of international currencies are at their lowest level in 12 years, and there are widespread shortages of food and other supplies.

Despite the tough economic situation, those who can afford newer cell phone models face another issue - theft.

“You never know how you’re going to react in a situation like that,” Maria Veronica Fernandez, who was robbed of her phone at gunpoint told Bloomberg. “In the end, all you can do is settle, and it really sucks.”

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