CARACAS Venezuela's socialist President Nicolas Maduro announced on Sunday a 50 percent hike in the minimum wage and pensions, the fifth increase over the last year, to help shield workers from the world's highest inflation rate.
The 54-year-old successor to Hugo Chavez attributes Venezuela's three-year recession, soaring prices and product shortages to a plunge in global oil prices since mid-2014 and an "economic war" by political foes and hostile businessmen.
Venezuela's inflation hit 181 percent in 2015, according to official data, though opponents say the true figure was higher.
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