Inflation crisis for Venezuela

THE VENEZUELAN government is set to increase the country’s minimum wage and pension payments by 30 per cent, reacting to the country’s surging inflation.

President Nicholas Maduro said yesterday that the hiked rate would come in on 1 May, following a 10 per cent increase at the beginning of the year.

While the official Venezuelan inflation rate is running at nearly 60 per cent, Johns Hopkins University professor Steve Hanke’s troubled currencies project suggests the real rate is far higher, at over 160 per cent.

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