Caracas is the most expensive expatriate city to live in worldwide for the third successive year. Caracas’s cost of living in US Dollars can vary greatly depending on the exchange rate selected (very expensive using the official exchange rate but very cheap using the black market rate).

Venezuela is in extreme crises:
-Government recently imposed a two-day working week to try and help it overcome a serious energy crisis.
-A major drought has dramatically reduced water levels at its main hydroelectric dam.
-There are shortages of basic goods which many blame on government economic mismanagement.
-Tough currency controls introduced in 2003 have failed to rescue the economy.
-Since late 2015 the economy has also been hit by a sharp fall in the price of its main export, oil.
http://www.xpatulator.com/cost-of-living-article/The-Americas-Expat-Cost-of-Living-Comparison-Rankings-April-2016_665.cfm