For the basic basket, Venezuelans need 126 minimum monthly wages

Caracas, (EFE).- A family of five in Venezuela needs 126 minimum monthly wages to pay for a basket of food, which cost $491 in August, according to estimates from the Center for Documentation and Social Analysis of the Venezuelan Federation. Teachers (Cendas-FVM), released this Thursday.

The independent entity explained that last month, when the minimum wage – 130 bolivars – was equivalent to 3.98 dollars, the family needed 7.86 more wages than in the month of July to buy a basket calculated according to the prices of 60 basic products.

Among foodstuffs, milk, cheese and eggs went up in price the most, by 10.93%, followed by fats and oils, by 7.19%, and fruits and vegetables, by 6.48%.

Even the teacher cannot access the basic basket

On August 31, Cendas-FVM indicated that a teacher must earn the equivalent of 19.24 times their monthly salary to have access to the basic food basket.

The independent entity indicated that the average teacher salary is $26.09 per month, an amount that represents “barely 5.2%” of food costs, which in turn represents a “94.8% deficit”.

As of March 2022, the minimum wage and pensions have remained at 130 bolivars, an amount that has lost purchasing power due to the rise in the price of the dollar in the country, where businesses use the currency as a reference to set prices.

In December 2021, Venezuela emerged from the hyperinflation it entered in 2017, which reduced the value of the bolivar, the official currency, but also citizens’ trust in it, so they turned to the dollar trying to protect their incomes.

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