A Venezuelan family of five people needs 118.14 minimum wages to access the family food basket, whose value in July was 502.27 dollars, according to estimates released this Monday by the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers. (Cendas-FVM).
The independent entity explained that, while the minimum wage is established at 130 bolivars per month -about 4.25 dollars-, a family needs 16.74 dollars a day to cover the food basket, calculated with the prices of 60 products.
The sector that registered the greatest increase was fruit and vegetables, with a rise of 10.60%, followed by sauce and mayonnaise, with a rise of 5.55%, and meat and its preparations with 5 ,19% increase.
The increases in the inflation rates that Venezuela has registered in the last five months, until closing 2002 at 305.7% year-on-year, according to independent estimates, arouse fears of falling back into hyperinflation.
Venezuela accumulates inflation of 121.3% until July, when the average increase in prices of goods and services was 6.2%, the same as June, according to official data released on August 11 by the Central Bank.
The agency then pointed out that the sector that registered the highest price increase was housing services (except telephone), with 10.5%, followed by communications, with 8.1%; recreation and culture, with 7.9%; clothing and footwear, with 7.3%; and restaurants and hotels, with 7%.
Venezuela emerged in December 2021 from a hyperinflation that it entered in 2017 and which, in this period, reduced the value of the bolivar, the official currency, as well as the confidence of citizens in it, for which they unofficially adopted the dollar in an attempt to protect their income.
