The 2014 World Misery Index placed Venezuela at the top of the list for the most miserable countries to live in due to its consumer prices.

The Index ranked 108 rates based on "misery" by calculating inflation, unemployment and lending rates and increased gross domestic product per capita.

Argentina is second on the list for its consumer prices while Syria is the third most miserable country for unemployment rates.

Other countries that are the top 10 most miserable places because of unemployment rates include Ukraine at No. 4, Iran No. 5, Brazil No. 6, Serbia No. 8 and South Africa at No. 10.

Sao Tome and Principe is the seventh most miserable country because of its interest rates and Jamaica is at No. 9 for the same reason.

The New York Times reported that Venezuelan officials announced a new free market that would allow people and businesses to exchange local currency for dollars. Tightly controlled exchange rates have been a major part of the Venezuela economic crisis.

Yet, the exchange could devalue the Venezuelan bolivar. Officials say that the most foreign currency would not go through the new exchange.

Economists say that the bolivar at 6.3 to the dollar is overvalued and has caused high inflation and shortages of basic goods.

Economic Issues in Venezuela were already happening even before the recent drop in the country's main export, oil.

Uruguay is the 25th most miserable country for its interest rates and Honduras is ranked No. 26.

Other Latino nations on the list of most miserable countries due to its interest rates include:

No. 27 - Dominican Republic

No. 29 - Paraguay

No. 30 - Costa Rica

No. 34 - Nicaragua

No. 49 - Peru

No. 50 - Colombia

No. 53 - Bolivia

No. 70 - Chile

No. 73 - Ecuador

No. 77 - El Salvador

Mexico is the world's 75th most miserable country for its unemployment rates.

The five least miserable countries are Brunei, Switzerland, China, Taiwan and Japan.

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