14m bolivars for a chicken: Venezuela hyperinflation explained

As South American country faces soaraway prices, what is hyperinflation and why is it bad for the economy?

Venezuela is introducing economic reforms including new banknotes that lop five zeros off its fast-depreciating currency as the country battles hyperinflation.

Banks will close on Monday as they prepare to release the new "sovereign bolivar" amid warnings from International Monetary Fund economists that Venezuela's inflation rate could exceed 1,000,000% this year.

Related: Venezuela prepares to devalue currency, amid fears it may worsen economic crisis

Related: Venezuela's plan to fight runaway inflation lacks key ingredients | Larry Elliott