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Venezuela’s minimum wage covers 5% of food, according to independent entity

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The price of the basic food basket in Venezuela stood at US$477.52 in May, so the monthly minimum wage -US$28.07- only covers 5% of basic necessities, reported the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM).

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According to Cendas-FVM, in May the equivalent of 18.99 minimum monthly wages was required to purchase a food basket of 60 products for an average of five people.

The independent entity calculated the price of the basic food basket at US$477.52, which represents a decrease of 0.9% compared to the month of April 2022, when it was US$481.92.

However, when making the calculation in local currency and due to the increases registered in the value of the currency in relation to the bolivar, in May, the basic basket had a cost of 2,468.76 bolivars, an increase of 10.6% compared to last April. when it was recorded at 2,231.29.

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The item that increased the most in the market was coffee, which registered a variation of 30.9%, followed by roots and tubers, with an increase of 26.3%, and sauce and mayonnaise, which increased 25%, always according to the Cenda-FVM.

According to the Venezuelan Finance Observatory (OVF), an independent entity made up of economic experts, inflation in Venezuela accelerated and reached 10.1% in May, which represents an increase of 6.5 points compared to April, when stood at 3.6%.

For its part, the Central Bank of Venezuela (BCV) coincides with the 6.5% figure for May published by the OVF, and varies in that of April, which places inflation at 4.4%.

“We are back in double digits again, a considerably high figure. Inflation is resurfacing, there is an inflationary resurgence”, affirmed the economist and former deputy José Guerra at a press conference offered on June 7.

Source: Gestion

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