Venezuela Raises Minimum Wage, Pension Benefits Amid High Inflation

Venezuela President Nicolás Maduro announced a 10% increase in state pension benefits and minimum monthly salaries Monday as the oil-rich nation faces a challenging economic outlook with soaring inflation. The increase is aimed at "protecting the working class, which is the first victim of inflation," Mr. Maduro said in a televised address. Analysts, however, warned that the latest measures could exacerbate economic imbalances at a time when annual inflation closed 2013 at 56%, the fastest rate in the Americas and more than double the rate recorded by the country in the previous year. Venezuela is also experiencing widespread shortages of goods ranging from car parts to toilet paper, which critics link to price controls that have weighed on production and to tight currency regulations that limit dollar access to local businesses. more...