“This suggests that the intervention policy of the Central Bank of Venezuela (BCV) in the exchange market to stabilize the exchange rate has lost effectiveness and is unable to contain the rise in prices while generating a drain on reserves,” he explained.
In addition, he highlighted that the items that presented the greatest variation were: Recreation with 30.4%, miscellaneous goods and services 27.9%, education 29.4% and clothing and footwear with 27.5%.
“It should be noted that the price of electricity increased 70% once the kW went from Bs.0.10 to Bs.0.17,” he added. Likewise, it pointed out that the cost of the food basket was US$366 (Bs.4,095.95) while the basic minimum wage remains at Bs.130 (US$11.62) according to Official Gazette No. 6691, Decree No. 4653.
“lhe existing wage gap has been impacted by the rise in the exchange rate. Thus, while the average remuneration in the Caracas metropolitan area is US$120 per month for the private sector, in the public sector it reaches only US$11 per month.”, he pointed out. (ANSA).
Source: Ambito
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