A Venezuelan needs 110 dollars for food expenses

• The food basket for a family of five people was 550 dollars in June, according to Cendas-FVM | Photo: EFE

A Venezuelan needed 110 dollars in June to cover basic food expenses, according to data from the Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM), which indicated on Sunday, July 21, that the cost of the basket of food for a family of five people reached 550 dollars, 3 dollars more than in May.

According to the organization, a normal Venezuelan household with five members needed 18.34 dollars a day to be able to buy the 60 products that make up the food basket in the country, where the current minimum wage is 130 bolivars —regarding 3.5 dollars—, which is supplemented by a food voucher of 40 dollars.

In addition, public employees receive the so-called “economic war bonus” of 90 dollars, which, added to the food bonus – both with no impact on labor benefits – and the salary, reaches 133.5 dollars, paid in bolivars at the official exchange rate of the Central Bank of Venezuela (BCV).

In June, according to the issuing body, inflation was 1%, bringing the cumulative rate for the first half of the year to 8.9%.

Photo: EFE/ Rayner Peña R.

Although President Nicolás Maduro claims that inflation last month was the lowest in the country in 39 years, the BCV’s historical data reflects that, in July 2012, inflation was also 1%, while in March and April of the same year, inflation was 0.9% and 0.8%, respectively.

Authorities expect Venezuela, which experienced hyperinflation between 2017 and 2021, to close 2024 with inflation below 50%.

Meanwhile, university professors and workers from various sectors are demanding that the authorities increase the minimum wage, which is the reference for all other remunerations in the public sector.

Prices rose more than 50% in one year

For its part, Cedice Libertad’s Public Spending Observatory revealed that the prices of goods and services in Venezuela increased by 51.87% in bolivars and 15.13% in dollars during June 2024 compared to the same period in 2023.

The most inflationary sector was transport, with prices increasing by 36.58%. Services followed with 33%, according to the report. Year-on-year inflation in June 2023 and June 2024 reached 51.87%, which was published on Tuesday, July 17.

“The transportation sector was a segment whose variation in dollars was 0% for some time, but in 2024 there have been adjustments and price transparency, in national and foreign currency,” explained the non-governmental organization (NGO).

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