We called it the Bloomberg Cafe Con Leche Index, and as the name would suggest, it tracks just one item: a cup of coffee served piping hot at a bakery in eastern Caracas. Its price has jumped to bolivars* from bolivars over the past 12 months, an increase of percent.

While the gauge isn’t nearly as sophisticated as a conventional consumer price index, it has merits too: it’s tangible; tracked regularly; and, given that it monitors a product consumed by Venezuelans everyday, provides a unique up-close look at inflation in the country. Stay tuned for further updates.