If you've ever wondered...

When we're talking middle class and working class in Argentina, how much are these people actually making? And what does it cost to live here?

This week, the government announced a raise in the legal minimum wage to 1200 pesos per month (around $400usd) starting in August and 1240 pesos per month as of December. Prior to this, minimum wage had been 980 pesos/month (around $325usd). The new wages come out to about 6 pesos (or $2) an hour. In a meeting earlier this week, workers unions defended the raise and vied for more while representatives of business attempted to dissuade the hike. At least 2 million workers earn less than this and are working in "black" or off the books, unlikely to be affected by the new minimum wage.

According to conservative think-tank Equis, the basic necessities for an average family cost 1435 pesos ($480)/month. Inflation is a reality and though it appears to have slowed down in the past few weeks, things aren't getting any cheaper. Furthermore, with a rise in tourism and city-wide construction of condominiums and high cost apartments, rents within the city have soared. Just to give you an idea from personal, anecdotal experience, it's difficult to find a basic apartment for any less than 600 pesos/month and even that is a precious find.

It's almost impossible to get reliable statistics for these things at the moment though. The INDEC, the national entity in charge of keeping track of things like inflation, has lost all credibility this year (consistently announcing zero or minimum inflation when it was obvious to the average consumer that prices were going up). The government, along with several well-respected economists, is in the process of devising a new system.