CARACAS, Venezuela (AP) -- Venezuelan President Nicolas Maduro is raising the country's minimum wage to help workers being clobbered by inflation economists say is likely the highest in the world.
The socialist president said Thursday night that he will increase the minimum wage by 30 percent. The measure will take effect on Nov. 1, a month before crucial parliamentary elections.
The state has not released official inflation data since last year. Maduro said Tuesday that inflation likely stood at 80 percent. The International Monetary Fund estimates it's closer to 200 percent. That's up from 68.5 percent in 2014.
The pay increase is the fourth this year, and takes Venezuela's minimum wage to around 9,649 bolivars a month. That's less than $15 at the black market rate widely used to set many prices.