Argentina Approves 16.5% Wage Increase

Argentina’s president, Nestor Kirchner, has struck a deal with six of the country’s trades unions to agree a wage increase of 16.5%. Experts say that once benefits and extras are taken into account, the pay rise is nearer 20%. Ten more unions will follow suit to secure the higher income, say analysts, in a move that will add to inflationary pressures. The country’s national statistics bureau INDEC reported annual inflation of 9.1% in March.