A Venezuelan family of five needs 118.14 minimum wages to access the family food basket, whose value in July was US$ 502.27, according to estimates released this Monday by the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM).
The independent entity explained that, while the minimum wage is established by the Executive at 130 bolivars per month -some US$ 4.25 -, a family needs US$ 16.74 per day to cover the food basket, calculated with the prices of 60 products.
The sector that recorded the greatest increase was fruit and vegetables, with a rise of 10.60%followed by the sauce and mayonnaise, with a rise of 5.55%, and that of meats and their preparations with a 5.19% Increment.
Venezuela accumulates inflation of a 121.3% until July, when the average increase in prices of goods and services was one 6.2%, the same as June, according to official data released on August 11 by the Central Bank (BCV).
The issuing body then pointed out that the sector that registered the highest price increase was housing services (except telephone), with a 10.5%, followed by communications, with a 8.1%; recreation and culture, with a 7.9%; dress and shoes, with a 7.3%; and restaurants and hotels, with a 7%.
Venezuela emerged in December 2021 from a hyperinflation that it entered in 2017 and which, in this period, reduced the value of the bolivar, the official currency, as well as the confidence of citizens in it, for which they unofficially adopted the dollar in an attempt to protect their income.
Source: EFE
Source: Gestion
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