MercoPress. South Atlantic News Agency

Argentine private sector workers given extra payment to compensate for inflation

Argentine economic growth has stalled since last year, while inflation, running over 50% for the last 12 months, is far outstripping salaries,

Argentina's private-sector workers will see their wages topped off by 5,000 pesos (US$ 88) in a one-time non-taxable payment aimed at boosting their buying power amid surging inflation, the Production Ministry said on Monday.

 The deal, struck between President Mauricio Macri's administration and the country's powerful unions and trade groups, followed Macri's trouncing in an August primary vote by presidential contender and Peronist Alberto Fernandez.

Argentine economic growth has stalled since last year, while inflation, running over 50% for the last 12 months, is far outstripping salaries, leading to a sharp uptick in poverty.

The economic crisis spiraled further after the shock results of the August primary vote dimmed Macri's chances for re-election.