Venezuelan President Nicolas Maduro has announced a 40 percent increase to the minimum wage. In his televised year-end address, leftist Maduro said the new wage level would protect workers against what he calls Washington's economic war to sabotage socialism. Most economists say the government is in fact fomenting a vicious cycle in a country already wrestling with the world's fastest inflation.<br/>To counter those price increases, Maduro has been raising the minimum wage, but quickening inflation coupled with a depreciating bolivar currency has plunged millions into poverty.<br/>Venezuelans will now earn some 797,510 bolivars a month, factoring in food tickets, or just over 7 Dollars on the widely used black market index. Millions will still be unable to afford three meals a day, while the increase is likely to stoke inflation further.<br/>Prices went up 1,369 percent between January and November, last year, according to figures released earlier last month by the opposition-led Congress, which estimated the 2017 rate would top 2,000 percent. The Venezuelan government no longer publishes inflation data on a regular basis.<br/>

Venezuelan President Nicolas Maduro has announced a 40 percent increase to the minimum wage. In his televised year-end address, leftist Maduro said the new wage level would protect workers against what he calls Washington's economic war to sabotage socialism. Most economists say the government is in fact fomenting a vicious cycle in a country already wrestling with the world's fastest inflation.<br/>To counter those price increases, Maduro has been raising the minimum wage, but quickening inflation coupled with a depreciating bolivar currency has plunged millions into poverty.<br/>Venezuelans will now earn some 797,510 bolivars a month, factoring in food tickets, or just over 7 Dollars on the widely used black market index. Millions will still be unable to afford three meals a day, while the increase is likely to stoke inflation further.<br/>Prices went up 1,369 percent between January and November, last year, according to figures released earlier last month by the opposition-led Congress, which estimated the 2017 rate would top 2,000 percent. The Venezuelan government no longer publishes inflation data on a regular basis.<br/>

Venezuelan President Nicolas Maduro has announced a 40 percent increase to the minimum wage. In his televised year-end address, leftist Maduro said the new wage level would protect workers against what he calls Washington's economic war to sabotage socialism. Most economists say the government is in fact fomenting a vicious cycle in a country already wrestling with the world's fastest inflation.<br/>To counter those price increases, Maduro has been raising the minimum wage, but quickening inflation coupled with a depreciating bolivar currency has plunged millions into poverty.<br/>Venezuelans will now earn some 797,510 bolivars a month, factoring in food tickets, or just over 7 Dollars on the widely used black market index. Millions will still be unable to afford three meals a day, while the increase is likely to stoke inflation further.<br/>Prices went up 1,369 percent between January and November, last year, according to figures released earlier last month by the opposition-led Congress, which estimated the 2017 rate would top 2,000 percent. The Venezuelan government no longer publishes inflation data on a regular basis.<br/>