The standard minimum wage will rise to around 207 pesos a day from 172.87 pesos a day, Labor Minister Luisa Maria Alcalde said during a regular news conference alongside President Andres Manuel Lopez Obrador.The hike follows double digit-percent raises by Lopez Obrador’s administration every year since he took office at the end of 2018, seeking to curb Mexico’s vast income disparity.
Annual headline inflation in Latin America’s second-largest economy hit 8.14 percent in the first half of November, down from 8.53 percent a month earlier. The closely watched core price index, which central bank board member Jonathan Heath called the bank’s biggest concern, continued to trend up to 8.66 percent.
“One, this is a very sharp increase; two, it’s not accompanied by gains in productivity; and three, we’ve had several years running with strong minimum wage increases,” Siller said.
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