Mexico's minimum wage will rise by 20% next year, to about $14.25 per day

Mexico's president; "The wall will be built and USA will pay for it!"

Looks like it just matches long term inflation, beats 2023 inflation. Win for workers.

During the observation period from 1960 to 2022, the average inflation rate was 19.0% per year. Overall, the price increase was 1.36 million percent. An item that cost 100 pesos in 1960 costs 1.36 million pesos at the beginning of 2023. For October 2023, the year-over-year inflation rate was 4.3%.

This is the best summary I could come up with:

MEXICO CITY (AP) — Mexico’s president said Friday the country’s minimum wage will rise by 20% in 2024, to the equivalent of about $14.25 per day.

About one-third of Mexico’s registered workers report earning the minimum wage, which will amount to about $1.75 per hour starting Jan. 1.

The minimum is higher in areas along the northern border, where living costs are higher.

The Mexican currency has risen by about 10% in value against the dollar since December 2022.

That increase is largely attributable to the high inflow of remittances and high domestic interest rates, which make the peso attractive for investors.

Follow AP’s coverage of Latin America and the Caribbean at https://apnews.com/hub/latin-america

The original article contains 161 words, the summary contains 113 words. Saved 30%. I'm a bot and I'm open source!

This is not a good indicator of a country's wellbeing, it's just an artificial move to show a better face on the international scene. We've seen this before in several latin American countries