Wages: increased 8.3% during October in line with inflation that month

The National Institute of Statistics and Census (Indec) reported this Friday, December 22, the wage index for the month of October 2023. In this regard, it published that this index increased 8.3% during the tenth month of the year, in line with inflation. In addition, the agency reported that 60% of Argentina’s employed population earned up to 180,000 pesos at the end of the third quarter of the year, amid a deterioration in income distribution. The report on “Income Distribution” stated that the poorest 10% of the population accounted for 1.2% of total income, while the richest 10% accounted for 31.7% at the end of the third quarter of the year. INDEC also measured family income by households, and in it, 60% of these units managed to collect up to $341.00 in the third quarter of the year. This deterioration in income distribution occurred in a 12-month period in which economic activity fell 0.8%, while the unemployment rate fell to 7.7%, compared to 7.1% in the third quarter of last year, and Retail Prices rose 138.3% year-on-year. Inflation rose 8.3% in October 2023, and accumulated 120% so far this year. In the year-on-year comparison, the increase reached 142.7%.

Original source in Spanish