Salaries won inflation again and those of the private sector are already better than a year ago

The formal or private wages of November 2024, fulfilled one year or 12 months of the management of Javier Milei, They managed to exceed 0.5% to interannual inflation According to INDEC indices.

Public wages lost 14.5%. And the informal ones appear as the great winners ensuring inflation no less than 12.3%, But this only for a distortion in the official calculation.

In November, on average salaries increased 3.8% due to 3.3% in the private sector, 2.7% in the public sector and 8.1% in the private sector not registered compared to inflation of the inflation of the 2.4%.

The Index of the Index marks that in 12 months the wages increased 159.1 % versus an inflation of 166 %.

But that increase in wages is Distorted by the 5 -month lag of the income calculations of informal workers. .

Without the rise of informal wages-which recorded a striking increase of 8.1% in November —, registered salaries increased 153% versus 166% inflation.

Even so, it represents a loss of the purchasing power of 4.9% Above the salary setback during the governments of Mauricio Macri and Alberto Fernández.

However, within those registered, private sector employees accumulated a rise of 167.4%, slightly higher (+ 0.5%) to official year -on -year inflation.

Los Public Sector Employees They are the ones that registered the greatest fall in the salary purchase power because they obtained only 127.4%, a loss of 14.5%, in line with the cuts (“chainsaw”) of the public spending salary.

Strikingly, in the last seven measurements, informal wages are those that show increases higher than the rest by pushing the average index up.

This is due to the fact that for the calculation of the private sector component, the monthly index arises from the permanent household survey (EPH) that has A 5 months lagClarifies INDEC.

Then, 8.1% of November or 198.9% year -on -year of the unregistered private sector reflect “backward” in line with inflation rates that were higher than today.

For that lag, since May, the calculation of the increases in informal wages exceed those of the registered.

According to INDEC, the weights of the salary index marks that private employees represent 50.16% of the total, those of the public sector 29.91% and the informal 19.93%. Indec clarifies that in all cases “weights refer to salary masses.”

The recovery of the purchasing power exhibited by the salaries of the private sector is not enough to impact, for now, on the aggregate consumption. It happens that due to the correction of relative prices – the rates of public and some private services, such as health and education – rose much more than inflation throughout 2024, especially in the first part of the year.

For this reason, the so -called available income, that is, the money that is available to employees after paying the fixed expenses of the month, is less than a year ago. A clear example is what is destined to pay the invoices of light, water, gas and transport. Until November 2023, these services captured only 6% of a private salary. Today, they reach 13 or 14%.

In short, households are obliged to assign more weights to the invoices of the services and have less money to go to the supermarket. For that reason, sales of mass consumption products failed to recover for 2024 and there were more than 10% below the 2023 record.