Inflation and the fall in real wages generate a stagnation in the country’s economy that is evident in various areas of economic activity throughout 2022. In principle, industry and construction were the areas hardest hit by this scenario. The activity of the manufacturing industry showed a drop in September, falling by 0.2% compared to the previous month.

In this sense, the volatility of industrial activity continues, which has alternated throughout 2022 with positive and negative month-on-month variations. In turn, the construction activity also registered a reduction in its monthly activity of 2.9%, having accumulated a fall of 1.2% throughout 2022.

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As for retail sales, there is evidence of a drop for the fourth consecutive month, according to CAME in October they ended with a drop of 3.2% per year. The main reason is that wages are unable to recover what was lost in the face of inflation. According to data released by INDEC, in the annual comparison wages had an increase of 78.7%, while inflation for the same period was 83%, denoting a loss in purchasing power.