Cendas-FVM: 108 minimum wages were needed to cover the Family Food Basket for May | via: Banca y negocios
Banca y negocios | Venezuela | June 21, 2023
According to the BCV, the average increase in prices of goods and services during April was 3.8%, in March 6.1%, in February 19.3% and in January 42.1%, the highest monthly inflation in the last two years.
Venezuelans need 108 minimum wages to access the Family Food Basket -calculated for five people-, whose value in May was 523.29 dollars, according to estimates of the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM), released on Wednesday.
The independent entity explained that, while the minimum wage is set by the National Executive at 130 bolivars per month -about 4.85 dollars-, a family needs 17.44 dollars per day to cover the food basket, calculated with the prices of 60 products.
Cendas-FVM calculated the price of the basic food basket at $523.29, which represents a decrease of 0.52% compared to April, when it was $526.
However, in local currency, the cost was 14,024.10 bolivars, an increase of 6.1% with respect to last April when it was 13,214.61 bolivars.
Sectors with the highest increase
The sector with the highest increase was sauce and mayonnaise, with a 13.27% increase, followed by milk, cheese and eggs, with a rise of 11.21%, and fats and oils with a 9.03% increase.
Venezuela’s accumulated inflation in the first five months of this year is 96.3%, after closing May with an increase of 5.1%, according to official data published on Monday by the Central Bank (BCV).
According to the BCV, the average increase in prices of goods and services during April was 3.8%, in March 6.1%, in February 19.3% and in January 42.1%, the highest monthly inflation in the last two years.
Venezuela emerged in December 2021 from a hyperinflation into which 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, so they unofficially adopted the dollar in an attempt to protect their income.