Replacing toilet paper with cash would seem an extremely affluent action in most countries but in Venezuela it's now the financially prudent thing to do.

Hyperinflation which is set to rise to 1,000,000 percent and a 3,000 percent rise in the minimum wage by the end of the year has left the average citizen needing a lot of cash to buy not much stuff.

The out of control inflation has made it hard to find paper money in the South American country with the largest bill under the old cash system - the 100,000 Bolivar - now not even worth one New Zealand dollar.

Basic items such as a cup of coffee now cost a seven figure sum, as do other basics such as a kilo of carrots or tomatoes, or a bag of pasta.

President Nicholas Maduro is hoping to curb the inflation by introducing a new currency printed with five fewer zeroes, but critics say that will only make the already dire situation worse.

Newshub