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Venezuela just hiked its minimum wage 67% but a month of work still can’t buy 1 kg of beef | Quartz

Venezuelan president Nicolas Maduro raised the country’s minimum wage by 67% to 250,000 bolivars, $3.61 U.S. dollars, in attempt to combat hyperinflation. Consumer prices have shot up so much that even with the new minimum wage, workers can’t even buy one kg of beef, compared to U.S. minimum wage workers being able to purchase nine pounds of beef. Maduro has been working to fight inflation and claims he will cut prices, but the inflation has been climbing at a rate of 9,900%.

Source: https://qz.com/1783680/maduro-hikes-venezuelas-monthly-minimum-wage

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