Venezuela boosts minimum wage 155 percent to fight inflation

CARACAS, Venezuela – Venezuela's president says he's boosting the minimum wage by 155 percent to keep up with runaway inflation that's making it difficult for people to afford daily goods.

President Nicolas Maduro issued an order Monday that brings the monthly wage to 1 million bolivars, or $1.61 on the commonly used black market. It's the third increase this year.

Despite having the world's largest proven oil reserves, Venezuela is in its fifth year of an economic crisis worse than the Great Depression.

The International Monetary Fund has said it estimates that Venezuela's inflation could soar 13,000 percent by year's end.

Maduro will seek a second six-year term on May 20.

He blames inflation on so-called imperialists who he says he'll overcome once he's re-elected.