he Wage index rose 2.2% in September The National Institute of Statistics and Census (INDEC) reported that the monthly average was 46.0% compared to the previous year. Indicator accumulates rise 30.4% higher than December 2024 According to the INDEC report, the inflation rate for the first 10 months of this year was 22.0%.
The reason for the 2.2% month-on-month increase is 1.4% increase in registered private sector; 1.1% in the public sector and 5.7% in the unregistered private sector. In the first two cases, the growth rate was below the 2.1% inflation rate, but in the third case it was above it.
Disposable income improved slightly in August, but consumption still did not recover and credit defaults set historic records
The average annual increase of 46.0% is 32.9% in the registered private sector, 35.0% in the public sector, and 120.2% In the non-registered private sector, the rate exceeded the inflation rate of 31.8% in all cases.
recorded salary
According to Nadine Argañaraspresident IARAFconsidering the annual variation in actual salaries. Public sector increase (2.5%) and registered private sector growth (0.9%).
“And if we consider the partial real change in salaries for the first nine months of 2025, we find that: Public sector increased by 5.5% (down 18.9% compared to 2023), registered private sector increased by 7.1% (down 2.7% compared to 2023). ”
If this real level is maintained for the remainder of the year, registered civilian annual salaries could end the year at their highest, Argañaras said. The real growth rate is 5.0% and the official growth rate is 4.3%.
Regarding trends in private sector salaries during the Millais era, Mr Argañaras claimed that private sector salaries registered in September were 0.7% lower than in November 2023, while public sector salaries were 14.0% lower.
Expectations for October
“October’s 2.3% inflation rate may have triggered a new real decline. If September’s real levels are maintained for the rest of the year, private registered salaries could end the year with real growth rates of 5.0% and civil servant salaries of 4.3%,” Argañaras said.
Meanwhile, consulting firm Equilibra claimed that “our estimates based on collective agreements of the main trade unions (25 collective agreements) indicate a nominal increase of 1.7%.”
It added: “Although average salaries recorded by SIPA have increased in recent months by more than those signed in collective bargaining agreements, there are indications that official real salaries would have continued the decline reflected in September.”
LM/DCQ
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