Argentina Wages Plummet 11% in December, Sparking Protests Over Lost Purchasing Power

• Private sector wages in Argentina fell 11% in December 2022, the largest monthly drop since records began 29 years ago • The wage drop followed President Milei's 54% peso devaluation in December • The wage decline led to a "significant drop" in consumer purchasing power • A major union representing government workers plans to strike on Tuesday after rejecting a pay increase offer • Economists expect Argentina's GDP to contract 3.5% in 2023 due to Milei's economic shock therapy