Wages in Argentina Suffer Record Drop After Milei Devalues Peso
- Private-sector pay falls 11% when adjusted for inflation
- Official report sees big contraction in consumer buying power
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Private-sector wages in Argentina fell the most in nearly three decades after President Javier Milei’s currency devaluation, according to a new government report.
Paychecks plunged 11% in December from November when adjusted for inflation, the largest monthly loss in income since the government’s labor market reports began 29 years ago. The decline, while partially compensated by wage gains in January, led to a “significant drop” in consumer purchasing power, the government said.