70% of minimum wage for a pair of sneakers
A report by the Center for Argentine Recovery Studies (dependent on the Faculty of Economic Sciences at UBA) analyzed the cost of living in Argentina (based on the parallel dollar rate) compared to other countries in the region and Europe.
According to the organization, drawing on data from NUMBEO as of July this year, the average cost of living for a single person amounts to nearly five minimum wages, including rent.
Based on a minimum wage of approximately 270,000 Argentine pesos, 70% of it is required to purchase a mid-range pair of Nike sneakers. This same product represents 23% of the minimum wage on average in other regional markets, while in European countries (France, Spain, Portugal, and Germany), it accounts for less than 7%.
The country’s exchange rate lag since the new government took office is attributed to micro-devaluations of 2% per month, along with a 118% devaluation of the official exchange rate, which were lower than the rise in prices in an inflationary context.