Venezuelan food basket reached 677 dollars
The president of Cendas-FVM, Oscar Meza, pointed out that, at the close of January, the family food basket increased by 681.1% in bolivars and 42% in dollars, while the basic consumption basket per household rose by 715.55% in national currency and 48.3% in US dollars. According to the numbers provided by Meza, "in February we have that the official exchange rate increased by 549.7% in a year and by 13.63% in the month, so the price increase must be around there; therefore, we are seeing substantial increases."
TL;DR
- The family food basket cost $677 in January, a 42% increase in dollars and 681.1% in bolivars.
- The minimum wage only covers 0.05% of the food basket, requiring over 1,700 minimum wages to afford it.
- The current Indexed Minimum Income of $160 per month covers only 23.63% of the food basket.
- Experts suggest eliminating the Financial Transaction Tax and formalizing the use of dollars for banking and credit instead of full dollarization.
- The bolivar has lost its characteristics as a store of value and unit of account.