Argentina's minimum wage loses over 40% of purchasing power under Milei

A new CIFRA report finds that the Argentine Minimum Wage, Vital and Mobile (SMVM) has lost more than 40% of its purchasing power since President Javier Milei took office. An initial 30% inflation shock was never reversed and monthly contractions have continued, leaving the wage 60% below its 2015 level and 20% under 1990s averages.

At current rates, a worker needs about 2 hours 31 minutes to buy a kilo of bread, compared with 57 minutes in 2016; a kilo of minced meat now requires nearly 6 hours of work. The minimum wage covers just over half of the basic indigence basket and would need more than four times its amount to reach the official poverty line. Its share of average private‑sector earnings has fallen from 37.2% to 16.6%.