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Salty Dog

Gas Price Hike In Mexico Sparks Widespread Looting

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Damn looks like Tacloban did the day after Yolanda....exactly the same

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The minimum wage this year was about 73 pesos, worth $4.20 when it was announced last December. Since then, Mexico's peso has declined from 17.35 for $1 to 20.56 for $1, as of Monday. That means the 80-peso minimum wage for 2017 is worth about $3.90.
Why does a Mexican in Mexico earning pesos care about the exchange rate.

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Why does a Mexican in Mexico earning pesos care about the exchange rate.

 

Because oil is priced and traded in USD.

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Gas is 85c per liter and they are rioting and looting?

 

Gas here in the Philippines is almost exactly the same price.

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PH and Mexico are similar poor countries with the average wage around $4 a day. Duterte is trying to push through the Senate a 20 peso increase per gallon in gas prices to pay for roads and railway improvements. There is already opposition to it.

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The minimum wage this year was about 73 pesos, worth $4.20 when it was announced last December. Since then, Mexico's peso has declined from 17.35 for $1 to 20.56 for $1, as of Monday. That means the 80-peso minimum wage for 2017 is worth about $3.90.

 

The minimum wage is what $7.25 ?  when gas hits $$7.25hr we will probably be rioting in the streets as well 

usa is per hour and mexico is per day !

half of what the minimum wage is in the philippines

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