This is the third increase of minimal wages since the beginning of the year.
In January 2016, Maduro declared an economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years, while up to 96 percent of Venezuela’s budget depends on oil revenues. In February, Venezuela's annual inflation rate passed the historic 2015 rate of 180-percent.
According to the International Monetary Fund, 2017 inflation rate in Venezuela could hit 720 percent.
Venezuela President Maduro hikes wages (3rd time in a year), distributes social housing (w/ perfect timing)….https://t.co/Zx71BxJObR— Joel Leon (@Joel_LeonD) 1 мая 2017 г.
Drastic economic situation in the country triggered mass protests, with people demanding Maduro's resignation.
Most recent massive protests flared up in Venezuela in April after its Supreme Court tried to take over legislative powers from the opposition-controlled National Assembly. The top court reversed the ruling but this did not prevent demonstrations from taking place across the country. They have claimed 28 lives since the beginning of this month.