Argentina reports 1.9% inflation and mixed wage growth for September 2026

New data from the National Institute of Statistics and Censuses (INDEC) shows that Argentina's Consumer Price Index (CPI) rose by 1.9% in September 2026. During the same period, the general wage index increased by 1.3%, reflecting a complex economic landscape where different sectors of the workforce experienced diverging financial trends.

Wage Trends and Sector Disparities

The economic data reveals a clear divide between formal and informal employment. According to Minister of Economy Luis Caputo, registered private sector wages grew by 1.9% in September, while public sector wages increased by 1.8%. In contrast, wages for the unregistered private sector saw a decrease of 0.8% during the same month.

Public sector employees saw different rates depending on their level of government. National government employees received a 3.5% wage increase, whereas provincial employees saw a 1.3% increase. One media outlet reported that the monthly wage increase in September was the lowest since June 2018, excluding the period of activity suspension during the 2020 pandemic.

The annual data shows that wage increases for the year ending in September 2026 reached 34.3%, slightly outpacing the annual inflation rate of 33.4%. However, the year-to-date performance for 2026 shows that registered private sector wages rose by 22.7%, while inflation for the same period reached 23.6%.

Long-term Economic Context

Since December 2023, registered private sector wages have grown by 10.4% in real terms. Other social benefits and transfers have also seen significant shifts. Between December 2023 and October 2026, pensions grew by 13.9% in real terms, and the Universal Child Allowance (AUH) increased by 109.4%.

Economists remain divided on the interpretation of these figures. Tomas Amerio, an economist at the Libertad y Progreso Foundation, stated that "the annual wage advantage is driven almost entirely by the informal sector, while formal workers' income remains below price levels."

Other analysts have pointed to potential losses in purchasing power depending on the metrics used. Hernán Letcher, Director of CEPA, suggested that adjusting the wage index by the ENGHo 2017/18 consumption basket would show a 17.8% loss in purchasing power between November 2023 and September 2026. This specific method of calculation has been a point of discussion regarding how inflation and wages are measured in the country.

Glossary

• National Institute of Statistics and Censuses (INDEC) — Argentina's National Institute of Statistics and Censuses (INDEC) is an entity that conducts censuses. It has historically included questions on the national origin of immigrants and identification with Indigenous communities, and has included an Afro-descendants category since the 2010 census.
• Consumer Price Index (CPI) — The Consumer Price Index (CPI) is a metric used to measure changes in the price levels of goods and services over time.