Salaries rose 1.8% in November 2025, below that month's 2.5% inflation, according to data from the National Institute of Statistics and Censos (INDEC). From January to November, incomes increased an average of 36%, exceeding the 27.9% inflation for the period. However, growth in registered employment lagged behind the informal sector.
The INDEC reported that in November 2025, salaries increased 1.8%, driven by rises of 2.1% in the registered private sector, 1.2% in the public sector, and 1.7% in the unregistered private sector. This fell short of the month's 2.5% inflation. Year-over-year, incomes rose 40.3%, surpassing the 31.4% inflation accumulated over the past twelve months.
From January to November, the average salary growth was 36%, led by the unregistered private sector at 87.7%, followed by the public sector at 27.7% and the registered private at 25.6%. This outperformed the 27.9% Consumer Price Index (CPI) for the same period. Year-over-year, the unregistered private sector accumulated 100.5%, public 29.8%, and registered 29.1%.
For public salaries, the national level rose 1.3% in November and 21.3% year-over-year, while provincial increased 1.1% monthly and 33.5% annually. Accumulated from December 2024, changes were 19% national and 31.2% provincial.
The Center for Economic Policy and Trade Studies (CEPEC) stated that "the improvement shown by the salary index is mainly driven by the informal component, while in registered employment the recovery is slower and still incomplete, with a direct impact on consumption and economic activity".
In December, inflation was 2.8%, closing 2025 with the lowest annual figure since 2017. Analysts like Tristán Rodríguez Loredo have warned that inflation has stagnated between 2% and 3%, and that a frozen salary against 2.8% inflation leads to purchasing power loss, though the impact varies by sector.
