The Salary Index of the total registered showed a monthly increase of 3.9% in November 2021, as a consequence of a 4.5% increase in the registered private sector and a 2.7% increase in the public sector, as reported today by the National Institute of Statistics and Censuses (Indec). Thus, remained above inflation for that month which, according to the statistics agency, was 2.5 percent.
Meanwhile, the Salary Index verified an increase of 3.9% in November 2021 compared to the previous month, as a consequence of a 3.9% rise in registered salaries and an increase in non-registered private sector salaries of 4.3 percent.
The total salary index accumulates in the first eleven months of 2021 an increase of 49.5%, above the increase in prices registered in the same period, which was 45.4 percent
The Salary Index estimates the evolution of salaries paid in the economy, isolating the indicator from variations related to concepts such as the number of hours worked, discounts for absenteeism, bonuses for productivity and any other concept associated with the performance or characteristics of individuals. concrete.
Thus, The total salary index accumulates in the first eleven months of 2021 an increase of 49.5%, above the increase in prices registered in the same period, which was 45.4 percent.
Salaries in the Public sector lead the increase (54.5%), followed by those in the Registered Private sector (53.1%), placing behind those in the Non-registered Private sector (32.8%). In that sense, wages in the informal sector were relegated compared to those in the formal sector in the 11 months of 2021 surveyed by the Indec.
According to information from the Ministry of Economy, on a year-on-year basis, the total salary index grew 52.2% versus 51.2% year-on-year in October, above the year-on-year inflation for the month, which was 51.2%. And he added that by sector, the salary of the registered Private sector grew 55.5% year-on-year, that of the Public sector, 58.2% year-on-year and that of the unregistered Private sector, 34.4% year-on-year.
It should be remembered that the CPI for November was the lowest variation since last August, which occurred after a significant acceleration in prices in the months of September and October. The expectations of consultants who estimated the figure at 3.1% and, in this context, the number raised some suspicions.
The rarity made specialists look under the hood of the IPC to understand what had happened.
Analysts agree that the CPI is not being “drawn”, but that the combination of methodological decisions inherited from the time when Guillermo Moreno led Internal Trade, the price freeze decided by the Government in October and a variation in seasonal prices very favorable combined to produce a number that is not manipulated at all, although it is true that it contributes little to follow the dynamics of prices from now on.
Meanwhile, the wage index for December, which will be released next month, is yet to be known.
Regarding December inflation, it was 3.8% and closed 2021 at 50.9%, the highest price rise since 2019. In this way, and despite the price controls, the frozen electricity and gas service rates and the exchange delay, inflation far exceeded the last official projection, which expected a total CPI for 2021 of 33%, according to the Ministry. of Economy in the 2022 budget.