Argentina’s minimum wage lost 1.3 percent in October, accumulating a loss of 28 percent over the 12 months between last November and this.It is the steepest annual decline in incomes since the 2001 crisis, said the report.The abrupt fall is explained mostly by increased inflation – currently at an annual 193 percent – with a post-devaluation peak of 25.5 percent last December when President Javier Milei took office. Soaring utility bills also explain the fall in purchasing power.
November 28, 2024
SOURCE: BUENOS AIRES TIMES
Purchasing power loss in Argentina slumps to levels not seen since 2001 crisis