Inflation soars, Venezuela raises minimum wage by 50%

(Baonghean.vn)- In the context of tinflation is soaringevencan go up to 3 digits,Venezuelan President Nicolas MaduroAugust 13 had todeclareThe government will increase 50%minimum wage. And this policywilleffective 1st/9come here

Venezuelan President Nicolas Maduro has repeatedly raised the minimum wage for his people amid soaring inflation. Photo: Reuters

Soaring inflation is seriously weakening the spending power of crisis-ridden OPEC member Venezuela.

The minimum monthly wage for Venezuelans will increase to 22,577 bolivars per month, equivalent to about $35. However, the figure is only about $23 on the black market.

If food stamps are included, the minimum wage would rise to 65,056 bolivars.

“This is the third time the minimum wage has been increased this year,” President Maduro said on a television channel.

Critics have repeated their view that the wage increases are not enough to offset inflation, which hit 181% in 2015 according to official figures.

Central banks have not been able to publish updated inflation figures. Opposition leaders say the government is effectively hiding embarrassing economic data.

Venezuela's state-run economic system has completely collapsed since the catastrophic drop in world oil prices in 2014.

Opposition leaders say the situation will not improve unless the government itself changes.

However, President Maduro accuses that he is the victim of an “economic war” led by his political opponents.

Khang Duy

(According to Reuters)