In Venezuela, the country with the highest inflation rate, a new model Apple iPhone 6 can cost about 300 bolivars or $47,678, according to NBC News.
Due to harsh economic times, the number of mobile users in Venezuela have shrunk by almost half since 2012, Bloomberg reports.
Those who desire to have a mobile device have to go through a government-run phone provider and are faced with a lack of inventory, causing the price to drastically increase.
According to NBC News, Venezuela, one of the world's oil suppliers, has seen its wealth deplete significantly as oil prices have fallen by one-third.
Despite Yahoo's recent report
that the country raised its minimum wage by 30 percent, the cost of the iPhone 6 is still about 41 times the country's minimum wage.
In addition to paying large sums of money for a mobile device, NBC News reports that individuals who can afford to pay for a phone also face a higher risk of theft.
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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