CARACAS, Venezuela -- President Hugo Chavez is raising Venezuela's minimum wage by 30 percent as inflation continues to soar in the oil-producing nation.

The socialist leader has signed a degree that will fix the monthly minimum wage at U.S. $372, starting today, International Workers' Day. Chavez says the move will give Venezuela the highest minimum wage in Latin America.

All public employees' wages also will increase by 30 percent.

If food stamps are taken into account, Chavez says the minimum wage will actually reach U.S. $558.

"There is no socialism without the working class," he said yesterday.