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Corrections to inflation led to union demands in the last round of wage negotiations, when the government proposed to negotiate decreasing nominal increases and the PIT-CNT maintained the deadlines for implementation. to avoid loss of purchasing power during the term of the agreements.
After peaking at 11%, prices moderated for most of 2016 and 2017, so the number of agreements that had to apply the first fix up to now was low. .
Many of these agreements were signed at 36 or 24 months, they expired on June 30 and include an additional adjustment established by clause if the observed inflation exceeds the nominal adjustment rate. agreed for the last 18 or 12 months.
The re-acceleration of inflation In recent months, these clauses have been activated and the difference must be paid.
The accumulated inflation over the last 18 months up to June (12.8%) determines that there are corrective measures for self-clbadified sectors as "in difficulty". During this period, the salary increase they had was 9.7%. Still in this group, if the last year is taken, the cumulative inflation was 8.1% and the wage increase of 6%.
In the case of self-clbadified sectors as "average", the increase in wages over the last 18 months was 11.3%, so the fix also matches. 19659003] In the last round, most agreements (83) chose to rank as an "average" sector and 52 were clbadified as "in difficulty". Here are included the business sectors, such as rural areas, supermarkets, retail branches, dairy products, metallurgy, hotels and private health, among others.
Inflation Accelerates
The rising dollar and, in particular, rising prices for some food products, have pushed inflation to a level never seen since more than a year ago. 39, a year and a half in June. This re-acceleration is not good news for the government's interests. This is happening at the doors of a new round of private sector wage bargaining, which will begin after the World Cup and involve 215 groups.
The executive guidelines establish as a starting point a nominal salary increase of 8, 5% for dynamic sectors, 7.5% for intermediate sectors and 6.5% for sectors of the economy. 39, activity in difficulty. For the second year, these percentages are reduced by half a point to 8%, 7% and 6% annually, respectively.
Data released Wednesday by the National Institute of Statistics (INE) show that consumer prices rose by 8.11% in the 12 months to June, the largest change since October 2016.
Inflation is thus away from the target range of authorities between 3% and 7%. %, which was dropped in May
All major components of inflation accelerated their growth rate in the last month. Unprocessed foods are the ones that have taken off the most. In May, they increased by 10.6% and, in the last measure, they rose to 15.5%.
The dollar had its impact last month. Beyond the June increase, it is relevant to compare the growth rate over the 12-month period ending in May and how it increased over the 12-month period ending in June. To that extent, it rose from an 8.6% increase in May to an interannual increase of 10.5% in June.
The impact of the dollar is reflected in goods and services that are traded directly with the outside or those who compete with imported products. This is the exchangeable component of inflation, which rose from 5.9% in May to 6.7% in June.
Meanwhile, the non-tradable component of inflation – the goods and services that are produced in Uruguay for the domestic market and that do not compete with imported products, have also accelerated their rate of growth. It grew 7.5% from one year to the next, two tenths more than in May
. It is the most permanent component of inflation and, therefore, the most difficult to moderate.
What Happened in June
If the June prices are compared to those of May, the increase is 1% and is largely explained by increase in the price of food.
Foods were 2.3% in June and 10.6% in the last 12 months. With alcoholic beverages and tobacco, it is the item that has become more expensive since the month of June of last year.
In food, the rise in prices of vegetables and vegetables stands out, 13.7%. Meanwhile, bakers increased by 1.1% and beef by 1.4%.
Another strongly rising item was transportation, where the rising dollar weighed, mainly in the purchase of vehicles and plane tickets. The month 's rise was 1.4%, although in the sliding year the rise is 7.4%, below inflation as a whole.
See also: Supermarket products that became more expensive in June?
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