On May 1, to mark International Workers' Day, the Venezuelan government under Nicolás Maduro announced a significant 300% increase in the minimum wage, raising it to 10 million bolivars (approximately $3.5 or 13,000 Colombian pesos) per month. This move aims to mitigate the effects of high inflation and poverty, but reports indicate that it still falls short of covering essential expenses like food and basic necessities. In the weeks leading up to this announcement, Venezuela experienced a surge in food prices, with meat prices rising by 20% to 40% and the value of the dollar on the black market increasing by 19.5%. These trends are part of a broader context of hyperinflation and economic recession that has been worsening for the past four years, leading to a severe economic crisis in the country. Despite the minimum wage adjustment, economists forecast that the rising costs will continue to impact Venezuelans, exacerbating the already dire living standards for many.