Argentina - Sales of Large Retail Chains and Wage Index

by Eduardo Petazze
The INDEC of Argentina reported monthly sales, at current value, of major shopping centers and
supermarkets in the Greater Buenos Aires (GBA).
The following table presents in aggregate form this estimate and its comparison with the evolution of
the Wage Index, also published by INDEC.
As statistical curiosity, can see the regularity and stability presented by the ratio of sales of large retail
chains and the aforementioned wage index.
millon pesos
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Own estimate
millon pesos
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
millon pesos
2009
2010
2011
2012
2013

Monthly Large Retail Sales

Wage index

Shoppings Supermarkets Aggregate Apr12=100

1,173.7
7,630.1
8,803.8
94.5
1,165.9
7,529.6
8,695.5
95.7
1,269.1
8,051.0
9,320.1
97.3
1,501.3
8,202.2
9,703.5
100.0
1,383.5
7,742.9
9,126.4
102.3
1,768.8
8,426.8
10,195.6
104.4
1,732.6
8,766.2
10,498.8
107.0
1,540.1
8,843.0
10,383.1
109.3
1,539.5
8,789.5
10,329.0
110.8
1,727.1
9,073.0
10,800.1
112.3
1,530.0
9,201.2
10,731.2
114.9
2,664.1
11,739.3
14,403.4
116.5
1,374.0
9,480.2
10,854.2
117.2
1,377.7
9,222.3
10,600.0
118.0
1,753.1
10,281.0
12,034.1
121.1
1,627.9
9,548.8
11,176.7
123.7
1,915.3
9,919.7
11,835.0
128.2
2,302.3
10,808.0
13,110.3
130.9
2,272.2
10,912.4
13,184.6
133.9
2,103.6
11,380.6
13,484.2
136.5
1,934.2
10,794.2
12,728.4
139.7
2,279.3
11,545.5
13,824.8
141.5
2,107.2
12,312.3
14,419.5
144.9
3,473.0
15,505.0
18,978.0
146.6
1,883.9
12,629.3
14,513.2
147.2
Monthly Large Retail Sales

Wage index

Shoppings Supermarkets Aggregate Apr12=100

514.6
3,812.8
4,327.4
50.0
682.7
3,967.5
4,650.2
51.6
694.2
4,153.0
4,847.2
54.3
906.4
4,763.1
5,669.5
56.6
728.7
4,699.1
5,427.8
58.9
967.7
5,108.6
6,076.2
62.4
972.5
5,383.6
6,356.2
67.7
1,245.8
6,305.9
7,551.7
71.4
975.8
5,979.6
6,955.4
74.5
1,259.0
6,458.4
7,717.4
79.4
1,277.6
6,995.5
8,273.1
87.1
1,625.5
8,010.5
9,635.9
91.6
1,202.9
7,736.9
8,939.8
95.8
1,551.2
8,124.0
9,675.2
102.2
1,604.1
8,799.6
10,403.6
109.0
1,973.7
10,004.5
11,978.2
114.6
1,501.6
9,661.1
11,162.7
118.8
1,948.5
10,092.2
12,040.7
127.6
2,103.3
11,029.1
13,132.4
136.7
2,619.8
13,120.9
15,740.8
144.4
Monthly Large Retail Sales

Wage index

Shoppings Supermarkets Aggregate Apr12=100

699.5
4,174.1
4,873.6
53.1
978.7
5,374.3
6,353.0
65.1
1,284.5
6,861.0
8,145.5
83.2
1,583.0
8,666.2
10,249.2
105.4
2,043.3
10,975.8
13,019.2
131.9

Aggregate Retail Sales

per Wage Index point
Ratio
Apr12=100
93.1
96.0
90.8
93.6
95.8
98.7
97.0
100.0
89.2
91.9
97.7
100.7
98.1
101.1
95.0
97.9
93.2
96.1
96.2
99.1
93.4
96.3
123.7
127.4
92.6
95.4
89.8
92.6
99.4
102.4
90.4
93.1
92.3
95.1
100.1
103.2
98.4
101.5
98.8
101.8
91.1
93.9
97.7
100.7
99.5
102.5
129.4
133.4
98.6
101.6
Aggregate Retail Sales
per Wage Index point
Ratio
Apr12=100
86.5
89.2
90.1
92.8
89.3
92.1
100.0
103.1
92.2
95.0
97.4
100.4
93.9
96.8
105.6
108.9
93.3
96.2
97.3
100.2
95.0
97.9
105.0
108.2
93.3
96.1
94.6
97.5
95.4
98.4
104.4
107.6
93.9
96.8
94.3
97.1
96.1
99.1
108.9
112.2
Aggregate Retail Sales
per Wage Index point
Ratio
Apr12=100
91.5
94.3
97.3
100.3
97.7
100.6
96.9
99.9
98.3
101.3

PS: Higher sales, especially supermarkets, in the month of December 2013 over the normal levels of
expenses of employees, may correspond to an increase in inflation expectations.