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By THE PULSE NEWS MEXICO STAFF

After much haggling, the Mexican government and private business groups have reached an agreement to increase the country’s daily minimum wage by 22 percent as of January, President Andrés Manuel López Obrador (AMLO) announced during his trimestral State of the Nation Address in the capital’s main plaza Zócalo on Wednesday, Dec. 1.

The increase represents the largest minimum salary hike since AMLO took office three years ago, and comes in the face of a spiraling 7-plus percent annual inflation, spurred on by rising food and fuel costs.

As of January, Mexico’s minimum wage will be 172.87 pesos a day, and 260.34 pesos a day along the northern border.