Overview
- INDEC reported the overall Index of Salaries rose 2.2% in May and 35.9% year‑on‑year, according to official data published on Monday, July 20.
- Salaries for registered (formal) workers increased 1.8% in May, which was below May's consumer inflation of 2.1% and produced fresh month‑on‑month and year‑to‑date real losses.
- Registered wages are up 12.3% year‑to‑date and 29.3% year‑on‑year while CPI is 14.7% YTD and 33.2% YoY, leaving formal pay behind price growth in both comparisons.
- The private non‑registered (informal) sector posted the largest monthly gain at 3.5% and is the only component ahead of inflation, but INDEC uses an informal series with a five‑month data lag that can distort the aggregate index.
- Within registered employment private wages rose 2.0% in May and public wages 1.5%, and analysts using INDEC figures report larger real declines for public employees, a trend that could shape paritaria talks and household purchasing power going forward.