Caracas (EFE).- Venezuelans need 108 minimum wages to access the family food basket -calculated for five people-, whose value in May was 523.29 dollars, according to estimates by the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM), released this Wednesday.
The independent entity explained that, while the minimum wage is established by the Executive at 130 bolivars per month -about 4.85 dollars-, a family needs 17.44 dollars a day to cover the food basket, calculated with the prices of 60 products.
The Cendas-FVM calculated the price of the basic basket at $523.29, which represents a decrease of 0.52% compared to April, when it was $526.
However, in local currency, the cost was 14,024.10 bolivars, an increase of 6.1% compared to last April when it was registered at 13,214.61 bolivars.
Inflation, currency value and wages
The sector that registered the greatest increase was sauce and mayonnaise, with a rise of 13.27%, followed by milk, cheese and eggs, with a rise of 11.21%, and fats and oils with a 9.03% increase.
Accumulated inflation in Venezuela in the first five months of this year is 96.3%, after closing May with a rise of 5.1%, according to official data published on Monday by the Central Bank (BCV).
According to the BCV, the average increase in prices of goods and services during April was 3.8%, in March 6.1%, in February 19.3% and in January 42.1%, inflation highest monthly rate in the last two years.
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.