Inflation Soars to 600% While Wages Remain Stagnant for Years... Venezuelans Express Anger

Trump Promises "Benefits for the People" After Ousting Maduro
Secures Venezuelan Oil and Moves to Control the Market
"No Tangible Progress Felt by Ordinary Citizens"

There have been reports that, far from improving, Venezuela's economy has become even more difficult since the Trump administration ousted President Nicolas Maduro in January.

Donald Trump, President of the United States. Photo by AFP News Agency

According to Yonhap News, citing Bloomberg News on the 16th (local time), "Venezuela's annual inflation rate in December last year rose by 475% compared to the same month the previous year, but as of February this year, the annual inflation rate soared to 600% year-on-year." The report added, "Even considering the base effect, this is a steep increase." In January, crude oil production also fell by 21% compared to the previous month. Bloomberg noted, "As exports have plummeted, the inflow of U.S. dollars, which Venezuelans prefer, has also decreased."

Venezuelan citizens do not feel that the economy is improving. According to a survey by local polling agency Meganálisis, about 80% of respondents said that the economic situation in January and February of this year "has not improved compared to last year." While a significant number of respondents expected the economy and job market to improve within the next six months, only 7% said that there had been any current improvement.

Phil Gunson, an analyst at the International Crisis Group (ICG), said, "There has been barely any real progress that ordinary Venezuelans can feel," adding, "Prices are high, the bolivar (Venezuela's currency) is losing value, and people are still receiving poverty-level wages."

One of the reasons for the difficult economic situation is the low minimum wage. Venezuela's minimum wage is reportedly around 130 bolivars, which is less than 1 dollar (approximately 1,500 won). However, the government has frozen the minimum wage since 2022.

Venezuelans are barely making ends meet by combining the minimum wage with government subsidies and remittances from abroad. According to the local research group Sendas, the monthly cost of basic groceries for a family of five amounts to 677 dollars (about 1 million won).

In Caracas, the capital of Venezuela, citizens are barely boarding buses amid a strike by the transportation union. Photo by AP News Agency

Amid these impoverished living conditions, there has been a growing public outcry for better treatment following U.S. political intervention. According to Bloomberg, protests in January this year increased by 53% compared to the same month last year, with around 50 protests related to improved labor conditions. Recently, strikes by public sector labor unions, including the transportation union demanding wage increases, have paralyzed commutes in the capital Caracas and the state of Miranda.

Meanwhile, President Trump, shortly after indicting former President Maduro on drug trafficking charges, announced that Venezuela would transfer between 30 million and 50 million barrels of oil to the United States. At the time, he stated on his social networking service (SNS), "This oil will be sold at market price, and the proceeds will be managed directly by the U.S. President to ensure that both the people of Venezuela and the United States benefit."

This content was produced with the assistance of AI translation services.