[Argentina] Workers hold minimum wage ‘funeral’ as inflation poised to hit 90%

A group of Argentine workers dressed in black carried a coffin through the streets of the capital Buenos Aires and led a symbolic procession through the main streets of Buenos Aires, concluding at the Presidential Palace, ABC News reports.

The funeral was to mourn the "death" of the wages of Argentine workers in a country where inflation is expected to hit 90 per cent by the end of this year, eating up workers' purchasing power despite years of government attempts to curb price increases.

Melisa Gargarello - a representative for Front of Organizations in Struggle (FOL) who organised the protest - said the situation for workers was "devastating". 

"Before the middle of the month we don't have any more salary, it's not enough," Ms Gargarello said. 

One protester carried a "clinical history" for Argentine wages, a chart showing how inflation has swallowed up the value of pay cheques.

While much of the world is battling high single-digit inflation this year, Argentina's struggles are in a different category.

"The pay cheque has died" a banner in the symbolic procession read. The flower crowns worn by women carried the message "RIP the minimum wage".

According to the national statistics institute (INDEC), the country's official monthly minimum wage stands at 45,540 Argentine pesos ($487) while a basic food basket for a family of two adults and two children costs 111,298 pesos ($1,191).

Years of political efforts to curb inflation have not done much to stall price increases and in July Argentina registered its highest inflation rate in 20 years.

A new economy minister, Sergio Massa, has now been appointed and granted expanded powers to try to tame inflation. Argentines have dubbed him a "superminister".

"Today we are holding a symbolic funeral for wages, which we have to say expresses the situation that all workers in Argentina are experiencing," FOL's Maximiliano Maita said.

Source: ABC News

(Quotes via original reporting)

A group of Argentine workers dressed in black carried a coffin through the streets of the capital Buenos Aires and led a symbolic procession through the main streets of Buenos Aires, concluding at the Presidential Palace, ABC News reports.

The funeral was to mourn the "death" of the wages of Argentine workers in a country where inflation is expected to hit 90 per cent by the end of this year, eating up workers' purchasing power despite years of government attempts to curb price increases.

Melisa Gargarello - a representative for Front of Organizations in Struggle (FOL) who organised the protest - said the situation for workers was "devastating". 

"Before the middle of the month we don't have any more salary, it's not enough," Ms Gargarello said. 

One protester carried a "clinical history" for Argentine wages, a chart showing how inflation has swallowed up the value of pay cheques.

While much of the world is battling high single-digit inflation this year, Argentina's struggles are in a different category.

"The pay cheque has died" a banner in the symbolic procession read. The flower crowns worn by women carried the message "RIP the minimum wage".

According to the national statistics institute (INDEC), the country's official monthly minimum wage stands at 45,540 Argentine pesos ($487) while a basic food basket for a family of two adults and two children costs 111,298 pesos ($1,191).

Years of political efforts to curb inflation have not done much to stall price increases and in July Argentina registered its highest inflation rate in 20 years.

A new economy minister, Sergio Massa, has now been appointed and granted expanded powers to try to tame inflation. Argentines have dubbed him a "superminister".

"Today we are holding a symbolic funeral for wages, which we have to say expresses the situation that all workers in Argentina are experiencing," FOL's Maximiliano Maita said.

Source: ABC News

(Quotes via original reporting)