Central Bank of Venezuela reports 5.4% drop in wages

[naaman fletcher]

nce again, this year, Venezuelan domestic economy has to cope with losing purchasing power as a result of high inflation rates. In 2010, based on data provided by the Central Bank of Venezuela (BCV), wages and salaries ended in real terms at 5.4%, a "more accelerated pace with regard to the prior year," said the Economic Report recently submitted by the BCV.

Six out of 11 measured sectors showed results in the red. The worst performing was the sector related to real estate, business and leasing. It recorded a real drop of 8% in 2010. In the meantime, the wage of community, social and personal service providers plunged 6.1%.

Results in the field of learning were also negative, as wages fell down to 4% ending last year. Manufacturing recorded a not so serious drop; it slipped back 3.2%. For their part, wages in the trade sector lost 2.8% of their value in one year.

In the 2010 Economic Report, the BCV also referred to the minimum wage which, in real terms, sank 0.7% ending last year. "A more moderate decline than that noted in 2009 (-4.5%)."

http://www.eluniversal.com/2011/08/12/central-bank-of-venezuela-reports-54-drop-in-wages.shtml

Isn't Chavez supposed to be good "for the people"?