President Nicolas Maduro on Thursday increased Venezuela's minimum wage by 150%, the sixth readjustment this year, as part of an economic reform plan that has so far failed to curb rampant inflation.
The announcement came three months after a wage hike of 3,400% and a devaluation that removed five zeros from Venezuela's currency.
The latest jump takes the monthly minimum wage from 1,800 to 4,500 bolivars, or about $50 at the official rate.
But owing to inflation - which has skyrocketed to 1,350,000% this year, according to the International Monetary Fund - this sum hardly allows the purchase of 3kg of meat.
Maduro called the readjustment the first "correction factor" of the economic plan in force since late August, which included a devaluation of the bolivar of more than 96% along with tax hikes.
Maduro said his reforms had allowed a "significant slowdown in inflation" - while admitting it "remains worrying".
The embattled Venezuelan leader did not provide figures on the price index, which have gone unpublished since 2016.
He holds inflation is "well below the expectations of the International Monetary Fund" - as the world body projects hyperinflation of 10,000,000% by 2019.
The South American country has suffered from economic woes since 2014, when a crash in the price of crude oil prompted a crisis that has sparked an exodus of some two million people.
AFP..