ATHENS, (Reuters) – Greece will increase the minimum wage starting May 1, according to Prime Minister Kyriakos Mitchells. This is because rising inflation has a negative impact on households’ incomes.

Low income people are being hit by the global rise in inflation. Mitsotakis announced in a live televised speech that starting May 1, the minimum wage will increase by 50 euro per month to 713 euros per month.

According to the conservative government, the minimum monthly wage was increased by 2% from 663 euro per month in January. This means that the average minimum wage will rise by 9.7%.

With skyrocketing energy cost putting pressure on household incomes, the consumer inflation rate in Greece soared to 8.9% during March.

Prices rose by 68.3% annually, and electricity prices rose by 79.3%.

This month, thousands marched through Athens to protest rising prices and the “deepening crises” they were facing. The term of the government expires in 2023.

Mitsotakis stated, “The common agony that I see on all’s faces is the high cost of the international energy crisis, and the war in Ukraine. The prices for electricity at the (supermarket) station.

He admitted that the country’s pay rates are low.

Mitsotakis declared that “the wounds left by the 10 year financial crisis are still not healing” and said, “The surge in inflation worldwide hurts most people with low incomes or who are unemployed.” They are my focus today.

Since last year, the government spent approximately 4.0 billion euro subsidizing power bills of households, business and farmers who were faced with increasing electricity and gas prices.

The company also announced this week that it will be preparing a national plan in order to make a “decisive”, unilateral intervention in the electricity price, in an effort to reduce the effect on consumers. This is if there are no immediate actions by the European Union.