Venezuela's president hiked the nation's minimum wage to another 60% on Sunday

Venezuela's president hiked the nation's minimum wage to another 60% on Sunday in response to the country's ongoing economic crisis.

President Nicolas Maduro announced the change on his weekly television show. It's the latest in a series of hefty increases to the minimum wage that have been issued as the country's currency plunges in value.

Though the wage hike sounds significant, the country's price of food, goods and medicine is skyrocketing, which has made basic purchases too expensive for many Venezuelans.