39% of the minimum wage in the Russian Federation goes to pay for a basic set of food products: study

In the Russian Federation, more than a third of the minimum wage is needed to pay for a basic set of food products. This is demonstrated by research data from the analytical company Picodi.

Analysts have developed a conditional basket containing the food products necessary to meet the minimum nutrient needs of an adult. In January 2024, in Russia the cost of such a basket is estimated at 6,533 rubles per month.

Since the official minimum wage in the Russian Federation is 16,741 rubles, the share of the conventional food basket is 39%. In January 2023, this share was 45.9%.

“It turns out that the growth of the minimum wage in Russia has exceeded the increase in prices,” Picodi noted.

In terms of the relationship between the proportion of the minimum wage and the cost of providing the food basket, Russia is an outsider, occupying 53 out of 67 lines. The general classification of countries, based on the data with which the experts carried out the study, looks like this:

In US dollar terms, the minimum wage in the Russian Federation is also lower than that of many study participants. In Russia, the minimum wage is $180, while in the Netherlands it is $2,326, in Australia it is $2,150, and in the United Kingdom it is $1,937.

In his study, Picodi did not take into account countries where wages are determined by unions and where there is no legal minimum wage. All data taken for the study were published on the official pages of the relevant governments or ministries, Picodi stressed.