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Exposing Socialism: Venezuela’s Minimum Wage Barely Covers 5% of Food Needed in a Month

Socialismo: sueldo mínimo de Venezuela cubre solo el 5 % de alimentos requeridos en el mes

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[Leer en español]

The price of the basic food basket in Venezuela stood at $477.52 in May, so the monthly minimum wage — $28.07 — only covers 5% of the necessities, reported this Monday by the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM)

According to Cendas-FVM, in May, the equivalent of 18.99 minimum monthly wages was required to purchase a food basket of 60 products for an average of five people.

The independent entity calculated the price of the basic food basket at $477.52, which represents a decrease of 0.9% compared to the month of April 2022, when it was $481.92.

However, when making the calculation in local currency and due to the increases registered in the value of the currency in relation to the bolivar, in May, the basic basket had a cost of 2,468.76 bolivars, an increase of 10.6% compared to last April, when it was recorded at 2,231.29.

The item that increased the most in the market was coffee, which registered a variation of 30.9%, followed by roots and tubers, with an increase of 26.3%, and sauce and mayonnaise, which increased 25%, always according to Cendas-FVM.

As stated by the Venezuelan Finance Observatory (OVF), an independent entity made up of economic experts, inflation in Venezuela accelerated and reached 10.1% in May, an increase of 6.5 points compared to the month of April, when it stood at 3.6%.

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