households

Aug. 17 (UPI) — Nearly 8 in 10 Argentine households earn less than the national average, helping explain why consumer spending remains weak despite signs of improvement in the broader economy, according to a Fundación Encuentro report based on estimates by consulting firm Consultora W.

Average household income reached 2.8 million Argentine pesos per month after taxes during the first quarter of 2026, or about $2,000.

However, 78% of households earned less than that average during the period amid a persistent loss of purchasing power due to inflation, the economic recession and wages failing to keep pace with the cost of living.

The report said 21% of households were in the lowest-income group and below the estimated poverty line.

This reality reflects what economists and analysts describe as a “two-speed economy.” While broader financial indicators show a strong stabilization under the economic policies implemented by President Javier Milei, Argentine households are experiencing the effects of the country’s most severe austerity program in recent history.

Economist Néstor Requelme, a consulting partner at REyVA Macro Estrategia, told UPI that the distribution of household income reflects changes in wages, prices, interest rates and the exchange rate, which have affected households differently.

Requelme said one of the main problems is the loss of workers’ purchasing power and the declining ability of wages to sustain families’ living standards.

“Above all, it reflects that wages have ceased to serve as an instrument of social cohesion,” he said.

Requelme said that as long as real wages continue to be used as an economic adjustment variable, it will be difficult to reverse the movement of households into lower-income groups.

“As long as current macroeconomic policy continues to use real wages as an adjustment anchor against inflation, interest rates and the exchange rate, fundamental variables in any economy and especially ours, downward social mobility is a process that will not stop,” he said.

The Fundación Encuentro report links the country’s income distribution to weak consumer spending. Although inflation has begun to ease and real wages have started to recover, lower-income households still have little room to increase spending.

“That concentration of incomes below the average helps explain why mass consumption remains depressed, even as macroeconomic indicators have been improving,” the report said.

Spending cuts, however, are not limited to lower-income families. Guillermo Olivetto, director of Consultora W, said during an event organized by Argentina’s Chamber of Social and Market Research Companies, or CEIM, that higher-income households are also reassessing their spending, according to Argentine news outlet Infobae.

Despite having greater financial resources, those households are reducing fixed expenses such as insurance and private health plans, cutting back on services and spending less on dining out, concerts and travel.

Consumers are also increasingly seeking discounts and promotions as their ability to save remains under pressure.

The shift is also evident in everyday purchasing decisions. Esteban Cagnoli, CEO of Worldpanel by Numerator, told Infobae that consumers are becoming “increasingly selective” and favoring neighborhood stores.

Cagnoli said the preference is not driven solely by convenience. Consumers are also trying to avoid impulse purchases and focus their spending on a smaller basket of goods.

The data point to an uneven recovery in income and consumption in Argentina. While macroeconomic indicators show signs of improvement, a large majority of households still face constraints on their ability to spend.

Many households could be overpaying for their TV Licence without realising it

Many people may be able to get their TV Licence for less than they think, with some eligible households saving up to £90 a year.

TV Licensing says discounts are available to certain groups. For example, if you’re aged 74 or over and you, or a partner living at the same address, receive Pension Credit, you may be entitled to a free licence.

People in a care home or sheltered accommodation may also qualify for a reduced fee of £7.50, while those who only watch on a black-and-white TV pay £60.50. Meanwhile, anyone who is blind (severely sight impaired) can apply for a 50% discount, cutting the cost to £90.

50% TV Licence discount

A TV Licence costs £180 per year, following a price rise on April 1, 2026. However, TV Licensing rules state you could get it for £90.

It explains: “If you are blind (severely sight impaired) and can provide the appropriate evidence, you are eligible to apply for a 50% concession.”

“Your licence will also cover anyone who lives with you”, it confirms. However, it adds that “if you are partially sighted (sight impaired), you are not eligible.”

Do I qualify for a 50% blind concession TV Licence?

TV Licensing explains that a blind concession Licence costs £90 for colour and £30.25 for a black and white Licence. It asks that it be provided with a copy of ONE of these documents to confirm that you’re certified as blind (severely sight-impaired):

• CVI (Certificate of Visual Impairment) to confirm that you’re certified as blind (severely sight impaired)
• BD8 Certificate to confirm that you’re certified as blind (severely sight impaired)
• A certificate or document issued by a Local Authority that shows you are registered as blind (severely sight impaired)
• A copy of a certificate from an Ophthalmologist (eye surgeon), stating that you are blind (severely sight impaired).
• Tax coding notice from HMRC showing you receive Blind person’s allowance
• A copy of your National Registration Card signed by an Ophthalmologist stating that your are blind (severely sight impaired)
• DHSS documentation or certificate stating that your are blind (severely sight impaired) for Isle of Man residents only
• Health and Social Services documentation or letter from Optometrist for residents of Northern Ireland only

I live with someone who is blind, can I still get the discount?

Yes. The TV Licence experts note that if you or someone you live with is blind (severely sight impaired), regardless of their age, you can apply for a blind concession.

If you already have a TV Licence but it isn’t in the blind person’s name, you’ll need to transfer it to them. This can be done by submitting a first-time blind application and entering the TV Licence number currently linked to your address.

I am partially sighted (sight-impaired). Can I get the discount?

No. TV Licence rules state: “People who are partially sighted (sight impaired) do not qualify for a 50% blind concession.”

How to apply for a blind concession

If you already have a blind licence, you can sign in here to renew it. If you are applying for the first time, you can fill out the official form here.

United States President Donald Trump has lambasted the nation’s biggest oil and gas giants as Houston, Texas-based Chevron reported record earnings while consumers struggle with soaring petrol prices.

“I don’t like it,” Trump told reporters on Monday in reference to the blockbuster second-quarter earnings, as his war on Iran has kept oil prices high for months.

“Chevron, too much money. ExxonMobil, too much. Too much money.”

Trump’s comments came on the heels of an interview Chevron CEO Mike Wirth gave on the Fox News programme Sunday Morning Futures with Maria Bartiromo. Writing on his Truth Social platform, the US president berated Wirth for not crediting his administration’s efforts to help the oil industry.

“The only thing he [Wirth] conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!”

Chevron reported its highest quarterly profits in six years on Friday. Adjusted earnings per share came to $6.06, or $12bn, as tensions between the US and Iran strained global oil supply chains in the strategically vital Strait of Hormuz, where roughly one-fifth of the world’s energy supply travelled through before the war, sending prices soaring.

Chevron rewarded its employees. Wirth praised them for their work and said in an email that most workers would receive a bonus equivalent to half their monthly base pay, the Reuters news agency reported, citing an internal email.

Al Jazeera has not been able to independently confirm Reuters’ reporting.

Chevron’s strong earnings come as the company is less reliant on Middle Eastern production operations than its competitors, allowing it to reap the benefits of higher global oil prices during the quarter. Brent crude, the global benchmark for oil prices, was 23 percent higher than in the first three months of the year.

“Being less dependent on the Strait of Hormuz is definitely helping them. It’s also the refining they’re able to do here. The fact that Chevron has less than 5 percent exposure there gives it some protection,” Bill Drolet, executive director, mergers & acquisitions at The Post Oak Group investment bank, told Al Jazeera.

“More than 70 percent of Chevron’s production is concentrated in America, and that’s where it’s making its biggest margins right now.”

Chevron also benefitted from the president’s move to open up oil production in Venezuela after US special forces abducted the country’s president, Nicolas Maduro, in January. Chevron had stayed on in the South American nation even after former President Hugo Chavez nationalised oil production.

Chevron did not respond to Al Jazeera’s request for comment.

Competitors also performed well. ExxonMobil on Friday posted its best quarterly profits in four years, but they fell short of analysts’ expectations. Earnings raked in $9.2bn.

Exxon did not respond to a request for comment.

On Thursday, Valero Energy reported its highest ever second-quarter profit, with net income coming in at $3.7bn as US refiners reap the benefits of tensions choking oil production across the Middle East.

But those benefits have not reached consumers, who are feeling the strain at the petrol pump. Petrol prices are above $4 a gallon (3.78 litres) across the US. The average price for a gallon of petrol is $4.09, down from $4.11 this time last week, but up from $3.82 a month ago, according to the American Automobile Association (AAA), which tracks daily petrol prices.

By comparison, when the US and Israel first struck Iran in late February, the average price was $2.98.

An analysis from Bank of America published in April showed consumers spending as much as 4.2 percent of their income on petrol in March, up from 3.9 percent in 2019. Lower-income earners are hit much harder, with more than 10 percent of households spending more than 10 percent of their monthly income on petrol.

This comes as pressure on the US Strategic Petroleum Reserve continues. The reserves hit their lowest level since 1983 this week, according to the Department of Energy. They fell by 2.8 million barrels over the week to 304.8 million barrels.

Political pushback

The condemnation of the oil industry has come from across the political spectrum.

“A decent industry would say, ‘this was money we didn’t earn, it’s a windfall we get from our cartel pricing scheme.’ Not these corrupt, greedy and grasping rogues,” Democratic Senator Sheldon Whitehouse of Rhode Island wrote in a post on X on Sunday.

But lowering prices might not be as easy. Beyond pressure from consumers, companies across the corporate United States are beholden to a concept called shareholder supremacy. This means that while lowering prices might be in the best interest of pinched consumers, it may not be possible given the legal framework and companies’ fiduciary responsibility to shareholders.

“They’ve [oil companies] got shareholders they’re responsible for. They could reduce share buybacks or dividend payouts, but right now, I don’t see oil companies doing much,” Post Oak Group’s Drolet said.

He said if he were advising a member of Congress or the president, providing relief to consumers might be easiest by suspending the so-called gas tax, which varies by state. In Texas, for example, the gas tax accounts for 20 cents per gallon, while in California, it is 63 cents per gallon.

“From a political standpoint, the best thing our government can do is suspend gas taxes, especially in California. If they put a temporary hold on taxes, that would help everybody get through this challenging time.”

Al Jazeera asked the White House if that policy is on the table, but the press office did not respond.

Heading into the US midterm elections, cost of living remains among the highest concerns for consumers. In a Washington Post/Ipsos poll last month, 54 percent of respondents said that high prices and the economy were a chief concern heading into November.

“They see the price of fuel and net profit for Exxon and Chevron and feel that they are abusing US consumers, especially as US consumers have access to the correct fuel, whereas other areas around the world have shortages [such as Germany, Philippines],” Babak Hafezi, professor of international business at American University, told Al Jazeera.

“The reality is that as the war [On Iran] progresses, the impacts of the lack of supply will create full price and supply shocks.”

Amid Trump’s comments, Chevron’s stock is on the downturn in midday trading, tumbling more than 2 percent from the market open. However, it is up more than 1.1 percent over the last five days.

ExxonMobil is down 0.5 percent for the day and 0.1 percent over the last five days.