Venezuelan President Nicolas Maduro announced Monday that he would raise the country's minimum wage by 15 percent. The increase will start in December to protect workers from inflation of more than 60 percent.

President Maduro says that an "economic war" launched by the country's socialist government is the reason why Venezuela is dealing with inflation. He also accused business executives of price-gouging, hoarding and speculating, according to Reuters.

Others say the economic issues comes from Maduro and the late Hugo Chavez, for failing at a socialist economy for the past 15 years.

During a televised event Maduro stated, "I have decided to accept this proposal, from the workers, to decree a 15 percent rise in the minimum salary from Dec. 1."

He stated that this increase will compensate the inflation caused by the campaign against him.

Venezuela's minimum wage salary will be at 4,889 bolivars, which is equivalent to $776.

Reuters reported that, in the last data available, Venezuela's annualized inflation rate reached 63.4 percent in August, with consumer prices rising by 3.9 percent that month, according to the Central Bank.

Maduro said the price hike in December and other benefits means that workers would be better off.

The economic war has caused the black market to flourish, since the amount of dollars available at the official rate is restricted while demand remains high.

The president also announced that he would raise the salaries of the members of the Venezuelan armed forces by 45%. Many people criticized this increase.

Maduro insists that raises are all "just" and "well deserved."

"The armed forces are made up of workers who guarantee peace, stability and protection for our country," he said.

"All year round, at all hours they are guarding our borders, and that's why I get indignant when they are attacked by the oligarchy."

He also stated that his opposition caused the inflation because they live off of the profits of smuggling and selling goods at inflated prices.