The CBGM corresponding to March reached a cost of Bs 841.30 ($187), which is equivalent to five times the recently increased minimum wage paid by the Government to the public administration, while the average minimum wages in the private sector allow only one 54% of the basket
The Venezuelan Finance Observatory (OVF) launched a new monthly monitoring instrument, with the purpose of measuring the amount of money that a Venezuelan family needs to acquire the minimum goods and services essential for its sustainability.
It was called Basic Basket of Minimum Expenses (CBGM) and will be published each month with prices of food products, daily transportation tickets and rates for basic services.
The basket brings together 25 carefully selected food products in order to cover 2,000 kilocalories per day and guarantee the nutrition of family members, in addition to 40 monthly trips between surface and underground transportation and monthly gas and cell phone rates.
The CBGM corresponding to March reached a cost of Bs 841.30 ($187), which is equivalent to five times the recently increased minimum wage paid by the Government to public administration.
“Although it is true that the increase in wages in the public sector can be considered to be a significant first level for going from Bs 10 to Bs 175, it is no less true that it is an increase that comes with a large real acquisitive debt, it continues to show the impossibility of a decent life and adequate nutrition for any public employee whose family income depends on this employment relationship with the state”, argues the OVF in a press release.
For its part, the average wages in the private sector, which are around $100 per month, cover only 54% of this basket, so they do not guarantee the survival of a family of five members.
*Also read: Minimum wage in the private sector is dollarized more and averages $100
Just to cover the food needs of the family, Bs 667.38 ($148) are required. With this amount of money, during March it was possible to buy 6 kg of flour, 1.5 liters of oil, 1.5 kg of powdered milk, 5 kg of sugar, 700 g of salt, 5 kg of grains, 3.3 kg of rice, 5 kg of pasta, 5 kg of fruits and vegetables, 3,750 kg of protein (meat and eggs) and 5 kg of cheese.
The expenses corresponding to transportation reach Bs 96 ($21), according to the calculation made by the OVF, which includes two daily tickets by bus and another two by metro throughout a month, for a total of 40 round trips.
Finally, Bs 77.92 ($17) is required to pay for basic services. The OVF includes an 18 kg gas cylinder for monthly consumption and an average basic plan together with an average navigation plan to calculate the monthly expense for cell phones.
Throughout the year it has already been possible to appreciate the inflation in the prices of this basket, since in January $164 was required to pay for the goods and services measured. Now $187 is required, which is a 14% increase in just two months.
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