“How Inflation Affects the Minimum Wage Debate in Colombia: Insights from Gustavo Petro’s Statement”

2023-05-07 13:36:09

The president referred to the minimum in the framework of the inflation data that the Dane revealed this week and that, finally, fell from 13%.

The minimum wage in Colombia returns to the public scene and this time on behalf of Gustavo Petro, who during the campaign for the presidency He promoted several ideas so that it would rise and be located at a decent figure for the majority of Colombian workers.

Those words translated into illusion for many people who, doing the math, thought that the minimum wage would now reach them within the framework of a new Government. The figure last December was set at $1,160,000 for this 2023 and transportation assistance at $140,606, which represented an increase of 16%.

However, this increase in the minimum has been overshadowed in this first half of the year due to increases in items such as food, transportation, services and other expenses that are part of the daily life of families and that, without a doubt, are barely enough to live with just enough.

Despite this, this week Petro surprised when, following learning that inflation dropped a bit in Colombia last April and was set at 12.82%, it suggested that the minimum wage in Colombia is already enough for more things compared to past months.

(See also: The arracacha rose 102%: inflation has already swallowed the increase in the minimum wage of 2023)

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Minimum wage in Colombia today: what did Gustavo Petro say regarding the amount and inflation?

Referring to the issue, Petro stressed that it is excellent news for the country that the consumer price index (inflation) began to drop and is less than that of a year ago.

“Great news. Inflation began to drop in Colombia. Monthly inflation is today less than that of a year ago, almost half, and it is less than that of last month,” the president wrote.

Next, Petro highlighted, via Twitter, that various foods fell in price and Now “the minimum wage already reaches a very important real growth for the vulnerable population.”

His post on that social network was accompanied by the president with a screenshot of the Dane report on the inflation data. This indicator shows that in the variation so far this year, inflation is lower; howeverit is also evident in the accumulated total, it is much higher than the 9.23% that was registered at this time in 2022.

It is worth mentioning that Petro’s statement, noting that the minimum wage is reaching a growth that is far from the reports that Dane delivered in the first months of 2023 when, with a cutoff from last April, increases of up to 102% were registered in products such as the arracacha and others.

In the first part of this 2023 it has been evidenced, according to analysts, that in just a few months the increase in the minimum wage has been devoured by the high cost of livingamong other things, because products such as gasoline and others from the family basket are through the roof.

This is Petro’s post highlighting that the minimum wage is reaching:

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