Peru on Tuesday announced new austerity measures that more than doubled basic food and gasoline prices and devalued the national currency by 50 percent. "We all know that we are living in crisis," Economy Minister Abel Salinas said in a televised address. "We all know that we should overcome it with concerted effort." Salinas said the minimum wage will be raised 60 percent to offset the impact of increases of up to 270 percent in basic food prices and 225 percent in the cost of gasoline. He said other salaries will be increased an average of 40 percent. The new round of increases came 11 weeks after authorities imposed an initial set of price hikes that sparked scattered looting and a wave of labor unrest.