A Venezuelan needs to earn $16.22 a day to cover the basic food basket. (Reuters)

In Venezuela you have to win $16.22 per day pay the basic food basket of a family of five who moved in January to $486.87When the minimum monthly wage is 130 bolivars, or $6.07as reported this Wednesday by the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas).

According to the NGO, in January 80.14 minimum wages were needed to buy a basket of 60 productsalmost 17 salaries more than those demanded the previous month, although the rise in the price of the basic basket was only 0.37%.

This variation is due to the acceleration of the loss of value of the local currency against the dollarwhich leaves citizens with less purchasing power each month, since they receive salaries in bolivars and have to pay for products whose prices are calculated in dollars.

According to the NGO, in January 80.14 Smic were needed to buy a basket of 60 products, i.e. nearly 17 salaries more than those required the previous month, while the rise in the price of the basic basket was only 0.37%. (Reuters)
According to the NGO, in January 80.14 Smic were needed to buy a basket of 60 products, i.e. nearly 17 salaries more than those required the previous month, while the rise in the price of the basic basket was only 0.37%. (Reuters)

He food sector which showed the largest increase was the coffeecalculated in 43.49%monitoring of roots and tubers with an increase in 35.79% and fats and oils with 34.82%.

Inflation for January was 39.4%, 2.2 percentage points more than in Decemberaccording to the Venezuelan Financial Observatory (OVF), an independent entity made up of experts.

In presenting its report, the FVO assured that the Venezuelan economy “has entered a phase of sharp acceleration in inflationas an expression of the observed macroeconomic instability”.

According to the Venezuelan Finance Observatory, he assured that the Venezuelan economy
According to the Venezuelan Finance Observatory, he assured that the Venezuelan economy “has entered a phase of strong acceleration in inflation, an expression of the macroeconomic instability that has been observed”. (Reuters)

Venezuela emerged in December 2021 from a hyperinflation in which it entered in 2017 and which, for four years, reduced the value of the bolivar, the official currency, as well as the confidence of citizens in it, which is why unofficially adopted the dollar in an attempt to protect their income.

venezuelan currency the bolívar, showed this Wednesday his first improvement against the dollar so far this month, after 22 days of declinewhen he lost the 8% of its value, according to the foreign exchange market balances presented by the central bank (BCV).

According to this official quote, a dollar today costs in the country 24.39 bolivarswhile Tuesday’s report was 24.40 bolivars per dollar, which reveals a 0.40% appreciation for the Venezuelan currency, which for the first time in February, it did not close in negative.

The bolivar devalued by 22.4% in Januarywith daily depreciations -except the 29th, where it closed slightly positive- which started to slow down in February, until this Wednesday, when the fall stopped.

Venezuela emerged in December 2021 from a hyperinflation in which it entered in 2017 and which, for four years, reduced the value of the bolivar, the official currency, as well as the confidence of the citizens in it, for which they unofficially adopted the dollar in an attempt to protect their income. (Reuters)
Venezuela emerged in December 2021 from a hyperinflation in which it entered in 2017 and which, for four years, reduced the value of the bolivar, the official currency, as well as the confidence of the citizens in it, for which they unofficially adopted the dollar in an attempt to protect their income. (Reuters)

This rise in the price of the dollar implies a reduction in the purchasing power of Venezuelans, especially the majority of civil servants and about four million retirees who receive a monthly income set by the Maduro regime of 130 bolivarsmoney that each week equals less dollars.

Meanwhile, the majority of products and services are priced in dollars, which means life becomes more expensive and worse as the local currency depreciates against the United States.

The bolivar closed last year with a 73% devaluation against the dollar.

(With information from EFE)

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