Minimum wage increases in Venezuela will total 49% by July 1 this year, including the 15% adjustment decreed early in February to VEB 4,889.11 (USD 776.04), a 20% increase on May 1 to VEB 6,746.98 (USD 1,070.94), and finally a 10% increase of VEB 1,686.14 (USD 267.64) early in July to VEB 7,309.22 (USD 1,160.19).

Official data show minimum wage has been raised 28 times in 15 years, while six increases were recorded from 2014 to date. Although boosting purchasing power is of the essence, critics claim that the goal has not been reached yet: levelling income and inflation rate and increasing Venezuelans' purchasing power, which is undermined by serious price distortions.

To the mind of President of the Federation of Chambers (Fedecámaras) Jorge Roig, it is important to reckon that the inflation spiral has wrecked havoc and its causes need to be addressed.

Oswaldo Vera, head of the Social Development Committee, pointed out inflation in Venezuela is markedly speculative, and he reckoned the issues of distribution of products are real and must be tackled.

El Universal