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October 20th, 2015 
Awake Goy 
nsnbc : Venezuela is struck by a runaway inflation estimated to amount to be between 80 and 159 percent in 2015. The Venezuelan government promised a 30 percent minimum wage increase from November 1, prior to elections in December.
The rapid fall in oil prices has stressed Venezuela’s economy and contributed to a runaway inflation. The PSUV-led Venezuelan government also attributes part of the inflation to what it describes as economic warfare by international as well as domestic actors, such as Venezuelan businesses that withhold goods from the market to speculate on increased prices.
The Venezuelan government officially estimated inflation in 2015 to be at some 80%. The International Monetary Fund (IMF) on the other hand, predicts an inflation of 159% in 2015.
The Venezuelan Central Bank has not yet published official inflation estimates for 2015. Venezuelan President Nicolas Maduro responded to the soaring inflation to the press, saying:
“If we protect employment and wages, we are going to defeat the criminal and speculative prices of the bourgeoisie and the bachaqueros. I call on you to join the battle so I don’t have to face the criminal bourgeoisie alone.”
On Thursday Maduro announced a 30% increase in minimum wages as well as en expansion of Venezuela’s food ticket program, taking effect from November 1. The wage raise is the fourth wage raise in 2015 and the 30th wage raise within the last 15 years. The wage raise will also affect pension plans.
Earlier this year the PSUV-led government decided to respond to the effects of the the steep fall in oil prices on the country’s economy by initiatives aimed at diversifying Venezuela’s domestic and export economy. The 30% wage increase comes one month prior to elections, scheduled for December 2015.
F/AK – nsnbc 20.10.2015
Source Article from http://nsnbc.me/2015/10/20/venezuela-struck-by-runaway-inflation/
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