Venezuela triples wages but nonetheless not enough to get food
Venezuela practically tripled its minimum wage Saturday but inflation is so outrageous that sum of money won't even buy a kilo of meat.
Labor Minister Eduardo Pinate announced the raise to government supporters at a May Day rally in Caracas.
The new monthly minimum wage is seven million bolivares, which is equivalent to US$2.50. A kilo (2.2 pounds) of meat in Venezuela costs about US$3.75.
The once-wealthy oil producer is enduring its fourth year of hyperinflation and its eighth year of recession.
Venezuela is currently in the worst financial crisis of its modern history. Inflation is indeed bad that the everyday economy now works mainly in dollars.
The leftist government of President Nicolas Maduro is under international sanctions championed by america, which is pushing for his ouster and does not recognize him as the country's legitimate president.
Maduro has stopped announcing wage increases with much fanfare as was done in the days of his mentor and predecessor, the late socialist firebrand Hugo Chavez.
Actually, this latest raise had not been even published in the official government gazette.--AFP
