50% minimum wage hike as inflation continues to soar
President Maduro announces a 50 percent minimum wage hike that takes effect onSeptember 1, amid triple-digit inflation that has severely weakened spending power. The monthly minimum wage will rise to 22,577 bolivars, around $35. It is the third minimum wage increase this year, and the 14th since Maduro took power in 2014, as he desperately tries to offset the impact of massive inflation.
In other economic news, Panjiva, a global trade analytics firm says that over the last year, food exports to Venezuela have plummeted, as the country struggles to pay for imports. Decreases include 63% in meat, 99% in fruit and 94% in bread. Meanwhile, after less than 13 months, Dynamic International Airways has decided to end its nonstop Fort Lauderdale route to Caracas. Reuters says that Venezuela, which holds the world's largest crude reserves, is on track to suffer its steepest annual oil output drop in 14 years.