I just reviewed the numbers on how salaries started this year, and honestly, the story isn't as clear-cut as it seems at first glance. Basically, 2025 was a year where formal wages in Argentina regained some purchasing power after the beating they took, but with a rather discouraging end that conditions everything to come.

The concrete numbers: wages in the registered private sector grew 4.8% in real terms during 2025, while in the public sector it was 3.8%. Sounds good, right? The issue is that this is compared to 2024, which was a particularly bad year. Looking back to 2023, public employees lost an average of 17% of purchasing power, so this recovery doesn’t even come close to fully compensating.

Now, what happened in December was quite revealing. Private sector wages grew 2.5% nominally, but that month’s inflation was 2.8%, so workers ended up losing purchasing power just as the year was closing. In the public sector, it was worse: increases of just 1% when prices rose much more. This left a scenario where the year's end was weaker than the average, creating a tricky statistical effect for 2026.

The question everyone is asking is what the average salary in Argentina is and if it’s really enough. According to the data I analyzed, the overall real wage increased by 2.26% in 2025 compared to 2024, but many workers still don’t feel it in their pockets. The gap between private and public sector wages is growing larger, and that’s a serious problem.

What worries me is the statistical drag into 2026. If real wages stay at similar levels to December, the annual average for this year will show declines even if wages don’t decrease month to month. It’s as if inflation ate up a large part of last year’s recovery.

The reality is that the fight to regain purchasing power in Argentina remains a mess. There was some re-composition, yes, but it’s uneven across sectors and clearly insufficient to reverse what has been lost since 2023. The weak end to 2025 is a warning that 2026 will be tough unless there are changes in strategy.