President Nicolas Maduro on Thursday increased Venezuela's minimum wage by 150%, the sixth readjustment this year, as part of an economic reform plan that has so far failed to curb rampant inflation. The announcement came three months after a wage hike of 3,400% and a devaluation that removed five zeros from Venezuela's currency. The latest jump takes the monthly minimum wage from 1,800 to 4,500 bolivars, or about $50 at the official rate. But owing to inflation - which has skyrocketed to 1,350,000% this year, according to the International Monetary Fund - this sum hardly allows the purchase of 3kg of meat. Maduro called the readjustment the first "correction factor" of the economic plan in force since late August, which included a devaluation of the bolivar of more than 96% along with tax hikes. Maduro said his reforms had allowed a "significant slowdown in inflation" - while admitting it "remains worrying". The embattled Venezuelan leader did not provide figures on the price index...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.