Argentina accelerates minimum wage increase

© Reuters. FILE PHOTO: A construction worker uses a wheelbarrow during a severe economic crisis in Buenos Aires, Argentina, September 21, 2021. REUTERS/Agustin Marcarian

(Reuters) – Argentina’s economy ministry said on Tuesday that the minimum monthly wage will rise to 45,540 pesos ($389.46) in June and 47,850 pesos in August.

“The (minimum wage) was originally scheduled to be raised in August and December to safeguard their purchasing power,” the General Trade Union (CGT) said in a statement.

The increase in June was a 16.95% increase in current wages of 38,940 pesos, while strong inflationary pressures hit Argentina’s purchasing power.

Argentina’s consumer price index (CPI) is expected to rise by 5.9 percent in April, mainly due to higher prices in the “food and beverages” and “apparel” categories, according to a Reuters poll.

(1 USD = 116.9300 Argentine Pesos)

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