In the midst of the maelstrom of inflation galloping and the constant depreciation that plagues the Venezuelan economy, households are faced with a harsh reality: they need approximately 148.6 minimum wages per month to barely cover a basic basket which includes some 60 essential products.
This alarming figure has been revealed by a report issued by the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (CENDAS – FVM) and cited by the Bloomberg agency.
The bleak economic outlook is reflected in the dizzying rise in the cost of the family food basket in Venezuela, reaching the alarming figure of US$522.01 in November, which represents a discouraging increase of 5.9% compared to the previous month.
To mitigate the ravages of this crisis, the Venezuelan Government implemented the so-called “Bonus against the Economic War“, a subsidy granted monthly to workers in the educational sector, pensioners and retirees since the beginning of 2023 by order of the Nicolás Maduro Administration.
The bonus against the Economic War is not enough
However, the amounts of this bonus are insufficient to address the magnitude of the problem: 1,420 bolivars (approximately US$39.72) for public workers, 1,990 bolivars (about US$55.6) for public retirees and 710 bolivars (around US$19.8) for pensioners.
Recently, the Government announced the start of the payment of the “Year-end Bonus against the Economic War” starting December 15, 2023, intended for public sector workers, as an attempt to alleviate the difficult economic situation.
It is disheartening to note that, according to the Cendas-FVM, since March 2022, both the minimum wage and pensions have remained static at 130 bolivars, equivalent to barely US$3.51, which has generated a significant deterioration in the purchasing power of the Venezuelan citizen, placing it at a worrying 0.7%, according to data collected by this entity.
In summary, the economic crisis in Venezuela has reached alarming proportions, leaving numerous households in a situation of extreme precariousness, with salaries and allowances that pale before the voracity of uncontrolled inflation.
Source: Ambito
