The wage increases agreed upon in the negotiations were reduced to 27% annually, with an average of 2.1% monthly, which represents the lowest figure since 2021, according to a report by the consulting firm Synopsis.
In the analysis carried out by Synopsis, it is noted that the peak of wage agreements, projected over a year, was recorded in February of last year reaching 234%, while the Consumer Price Index (CPI) for that month was around 13.2%.
Regarding the annual dynamics, in February 2025, a wage increase of 27.3% was observed, maintaining the inflation line which was 2.2% in January and annualized around 29.8%.
The report by the consulting firm led by Lucas Romero indicates that Javier Milei's administration seeks to establish wage agreements close to 1% monthly, following the trend that the government intends to set regarding inflation. As a result, major unions have lagged behind in their wage increases compared to the CPI in January.
Since Synopsis has been monitoring the wage agreements since 2021, a downward trend has been observed since August 2024, when it was at 4.4% monthly, until reaching the most recent 2.1%. However, the consulting firm warns that this deceleration in wage increases could mark the end of the recovery of wages, which are beginning to rise alongside monthly inflation.
