Mexico's president says its minimum wage will rise by 20% in 2024, to the equivalent of about $14.25 per day.
            • @bamboo@lemm.eeEnglish
              11•1 year ago

              To a degree, but don’t underestimate the extreme degree of inefficient “profit” built into the US system. Even basics like fruits and vegetables often have a half dozen companies in the process, and each one pads the pricing with as much headroom has they can get away with. If you can buy produce from a farmer directly it is often half the cost or less, and they’re getting a better deal too than if they sold to a wholesale distributor. Processed foods, manufactured goods have even more companies involved padding on their own margins.

                • @bamboo@lemm.eeEnglish
                  2•1 year ago

                  Generally the good deals aren’t at the centralized farmers markets. The dirt cheap deals are at the roadside stand sort of places. They’re pretty rare in urban areas like where I live now for fairly obvious reasons, but growing up in a rural area a good variety of seasonal vegetables could be found at roadside stands. They’re not really advertised, but the people in the area know who sells what and when it is in season, and it is usually just like a folding table covered in produce and a jar to put money in, all on the honor system.

                • @bamboo@lemm.eeEnglish
                  1•1 year ago

                  Generally the good deals aren’t at the centralized farmers markets. The dirt cheap deals are at the roadside stand sort of places. They’re pretty rare in urban areas like where I live now for fairly obvious reasons, but growing up in a rural area a good variety of seasonal vegetables could be found at roadside stands. They’re not really advertised, but the people in the area know who sells what and when it is in season, and it is usually just like a folding table covered in produce and a jar to put money in, all on the honor system.

        • @panchzila@lemmy.worldEnglish
          11•1 year ago

          Mexican here, standard of living and costs are lower. Our minimum wage has always been a joke but government doesn’t raise it because inflation. I’m too ignorant on those matters and really don’t know if that is true.

  • @diablexical@lemm.eeEnglish
    18•1 year ago

    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%.

  • AutoTL;DRBEnglish
    5•1 year ago

    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!

  • guajojoEnglish
    4•1 year ago

    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