Last Friday the National Institute of Statistics and Census (INDEC) published the Salary Index of November 2024, where it revealed an increase of 3.1% among registered workers, against an inflation of 2.7% in the same month. The improvement was driven by the private sector. However, wages continue to run behind inflation. The strong devaluation and Caputo tariffs as soon as the government implied a robbery that was perpetuated month by month in the workers’ pockets.
The salary of registered workers grew 3.1% in November (INDEC) and beat the CPI (2.4%). The Variation AI of the private sector is already positive, while state are still very down. Against the end of 2016 the fall is 17.2% and 33.3% respectively pic.twitter.com/tGDfRX4mf9
– Luis Campos (@luiscampos76) January 24, 2025
According to the INDEC report, salaries rose 159.1% in November with respect to the same month of the previous year, while inflation was 166% in the same period. Seeing this data “Punta A Punta”, that is, observing only the values of the Noviembres (2023 and 2024) the loss was almost 7 points, or only 2.6%.
But this analysis invisible the loss that the workers had in the middle, aggravated by the strong devaluation of Caputo in December 2023. Making a measurement that takes into account the average of inflation and wages in relation to the previous year, The workers had an accumulated loss of 15%.
In November ’24 the salary index rose 159.1% year -on -year, while the CPI rose 166%
– Result: salaries fell 2.6%– However, they really had an accumulated loss of 15% throughout the year
Because? pic.twitter.com/KLC8ZSPQdG
– Lucía Ortega (@ortegalu_) January 27, 2025
Among the sectors, the most harmed were the unregistered ones that lost 25%, followed by the registered public sector that lost 22%of its purchasing power and finally the private registered that the fall was 8%.
A misleading measurement, when silver does not reach
The current measurement of the consumption basket elaborates by INDEC to relieve the evolution of prices, the well -known CPI, dates from 2004. The delay in this basket distorts not only salaries and retirements, but also the basic food and total basic baskets , from which the population is calculated in a situation of indigence and poverty.
For example, a measurement of González Rosada, head professor at Torcuato Di Tella, shows an inflation of 16 points higher than the IPC 2024 published by INDEC. Indec measures with a 2004 consumption basket at a price level of 2016, let’s think for example the modifications of consumption due to technological changes (cell phones fixed telephony), implies a very late basket.
Finally, it is important to take into account the variation of relative prices. In 2024, for example, services prices increased by 189%, while those of goods 96.3%, according to INDEC. Milei seems to not want to update this statistical data that will allow showing other numbers (more negative) and therefore, draw other conclusions.
Despite the measurements, the wage loss is noted both in the collapse of consumption and also the real situation of the street where silver does not reach. While Milei and Caputo adjust to the middle and popular classes putting the economy according to the magnates and the payment to the IMF, the union centrals turn a blind eye in total complicity. It is necessary to unify all Lucas to face the government’s economic plan and thus start recovering everything lost.
Source: www.laizquierdadiario.com
