Economic miracle: salaries once again outpaced inflation in April 2025

The wage index prepared by INDEC recorded in April 2025 a 3.4% monthly increase, accumulating a rise of 13.8% so far this year. In year-on-year terms, wages grew by 74.3%, far outpacing the period's inflation and marking a recovery in purchasing power.

According to the technical report published by the National Institute of Statistics and Censuses (INDEC), this increase is due to rises of 2.5% in the registered private sector, 2.3% in the public sector, and a notable 7.7% in the unregistered private sector. The latter also experienced the highest growth in the year to date, with a variation of 32.6%.

In April 2025, the wage index grew by 74.3% year on year compared to inflation of 47.3%, surpassing it by 27 percentage points and implying a real improvement of 18.3%.

Notable increases across all sectors

Breaking down the data, the figures reflect sustained growth that, in year-on-year terms, was 61% and 58.6% for the private and public sectors, respectively.

The most striking year-on-year variation occurred in the unregistered private sector, which showed a jump of 182.9%. This figure reveals a sharp adjustment in informal incomes, which have historically lagged behind, and could be linked to market corrections or new methodological measurements implemented by INDEC.

New detail in the public sector

For the first time, the report includes a breakdown between the national and provincial public subsectors. In April, the national subsector showed a monthly increase of 2.7%, while the provincial subsector grew by 2.3%. The accumulated variations were 7.7% and 12.9% respectively, with year-on-year increases of 31.9% and 67.3%.

Relevance of the data

The growth of wages above the consumer price index represents an encouraging sign for the Argentine economy. The improvement in real incomes can have a positive impact on consumption and the overall dynamics of the economy.