The economic crisis in Venezuela has reached a new low as the official minimum wage now stands at just one US dollar per month, based on the Central Bank’s official exchange rate.
This meager income leaves ordinary citizens struggling to survive in a country where inflation and currency devaluation have eroded purchasing power to unprecedented levels.
According to recent data, Venezuelans now require the equivalent of 349 minimum wages to afford a basic family food basket — a figure that starkly illustrates the growing gap between wages and the cost of living.
While some workers receive additional government subsidies or payments in foreign currency, millions still depend entirely on the official minimum wage, forcing them to rely on informal work, remittances from relatives abroad, or humanitarian aid to meet daily needs.
Economists warn that without urgent economic reforms, the situation will continue to deteriorate, deepening poverty and fueling migration out of the country.
