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(CNN Spanish) - As of October 1, 2019, the salary of workers in Venezuela is 300,000 bolivars, about $ 16 at the current exchange rate, which is divided into 150,000 bolivars at the minimum wage and another 150,000 at the Socialist Ticket, That is a food bonus.
However, inflation in Venezuela does not let up and the International Monetary Fund projects inflation in Venezuela to reach 200,000% this year.
With rampant inflation, in Venezuela the minimum wage is well below the average in Latin America (about $ 284 by the end of 2018) and is hardly enough to cover the purchase of the family basket, according to a review of prices in the current market in Caracas, the Venezuelan capital.
The prices shown in this table correspond to those seen in a middle class sector in Caracas and may vary depending on the sector of the city and the quality of the product.
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Thus, with a minimum wage in Venezuela it is possible to buy an austere market that includes, for example, 1 kg of powdered milk, 1 kg of chicken, 30 eggs, 1 kg of pasta, and a four-piece toilet paper package. This account does not include rental costs, or personal grooming products, and a repurchase of products is not contemplated throughout the month.
- Venezuela, overwhelmed by unprecedented inflation
In September, when the minimum wage was 40,000 bolivars (the equivalent of 6 dollars), the value of the family food basket in Venezuela was 3,724,390 million bolivars, (about 177 dollars), the Documentation Center reported and Analysis for workers (CENDA) this Monday. That is, the family basket cost 93 times a minimum wage.
For September, the cost of the basic basket was 49.1% higher compared to August, when it was registered at 2,498,746 bolivars, according to CENDA.
For the last month the minimum wage had only a purchasing power of 1.1% of the basic basket for a family group and eleven products of the food basket registered an inter-monthly increase in their prices, which ranged between 35.3% and 71.7% per item, as published by CENDA on Monday.
In August, the products in the family basket amounted to 62 minimum wages, which at that time was 40,000 bolivars.
- With information from Jorge Luis Pérez Valery of CNN in Spanish from Caracas, Venezuela.
Minimum wage in Venezuela
