Venezuela’s embattled President Nicolas Maduro has announced a 50 percent increase in the minimum wage in a bid to combat runaway inflation.

It is the fifth increase in the last year.

Speaking on his monthly TV and radio programme on Sunday, Maduro insisted the hike would protect jobs.

Critics accuse him of mismanaging the economy.

“ I have decided to increase the minimum salary. As always this will include public workers, teachers, police officers, doctors and the army. This will be a 50 percent rise in salary and pensions starting from January,’‘ the Venezuelan president said.

Maduro’s move raises the monthly minimum wage to just over 40,000 bolivars.

That’s around 57 euros at the highest official exchange rate, but in reality works out about 10 euros on the black market.

The country’s economy has been crippled by the world’s worst inflation, which has led to chronic shortages of food, basic goods and medicine.

The IMF says inflation in Venezuela will hit 1600 percent this year.