Formal wages matched inflation in April and have accumulated a 19.2% increase during the Javier Milei era.

The Ministry of Human Capital released a report on Wednesday analyzing the evolution of registered wages in Argentina through April 2025. According to the document, the Average Taxable Remuneration of Permanent Workers (RIPTE) increased by 2.9% in April compared to March, practically matching the monthly inflation rate of 2.8% , according to INDEC figures.

In real terms, the change represents a slight increase of 0.1% , which maintains the stabilization trend initiated in the first quarter of the year. The information was compiled from official records from INDEC (National Institute of Statistics and Census) and the National Directorate of Social Security Policies.

Among the sectors that boosted the April CPI were restaurants and hotels (+4.1%) , recreation and culture (+4.0%) , and clothing (+3.8%) , while wages remained at levels consistent with this inflationary rate.

From President Javier Milei's inauguration in December 2023 to April 2025, formal wages accumulated a 19.2% increase , according to RIPTE records. Meanwhile, taking February 2024 as the starting point, considered by the government to be the deepest month of the recession, registered income increased by 27.4% .

The Ministry of Human Capital emphasized that this performance is due to the decision of many companies to grant raises above what is established in collective bargaining agreements , and even exceeding the inflation rate in several sectors.

However, it was also acknowledged that some unions and sectors have not yet managed to overcome the accumulated losses , such as domestic workers, truck drivers, and construction workers . Nor have sustained improvements been observed among unregistered workers , who, lacking access to collective bargaining agreements or collective bargaining, remain excluded from wage adjustment schemes.

While the report highlights a widespread economic recovery , wage growth has not been evenly distributed. The official report identifies a year-over-year increase of 5.6% in real terms , although it clarifies that not all sectors performed equally due to the persistent decline in consumption.

In April, private consumption contracted by 0.1% , although this slowdown was the smallest since the beginning of the recession. Economic authorities believe this figure could mark a turning point , especially if inflation continues to decline.

The report also links this trend to a gradual improvement in social indicators , including the poverty rate, whose calculation depends in part on inflation. If inflation remains under control, and with wages now equal to the CPI, real income is expected to begin to regain purchasing power in the coming months.

In this regard, thegovernment maintains that the combination of fiscal discipline, economic deregulation, and sectoral agreements will allow for a sustained improvement in real income during the second half of the year.