Puebla, Mexico, June 9, 2017 (venezuelanalysis.com) – Venezuelan President Nicolas Maduro announced the implementation Thursday of a 15 percent salary increase for teachers nationwide.

“Today, a new 15 percent increase in the salaries … of teachers in the public education [system] comes into force,” Maduro said.

The president said this is the fourth major salary increase this year, arguing that the increases were part of his government’s commitment to improving the lives of Venezuelan workers.

"We will continue to look after the quality of life of teachers and educators,” he said, adding, “we are finally achieving the dream of [Hugo] Chavez."

According to Maduro, the latest salary increase means Venezuelan teachers have seen their wages bolstered by 345 percent since the start of the year. According to estimates released by the opposition-controlled National Assembly Friday, inflation hit 127.8 percent in the first five months of 2015.

The estimate was released by opposition legislator and economist Angel Alvarado, who said inflation was largely driven by currency printing, devaluations of the Bolivar Fuerte and import restrictions.

No official inflation data has been released for this year. In 2016, annual inflation hit 274 percent, according to central bank figures handed to the International Monetary Fund in April.