Is the minimum wage enough to cover a basic food basket? Picodi analyzed a basic food basket composed of eight products whose prices are constantly observed and updated throughout the world: bread, milk, eggs, rice, cheese, meat, fruits, and vegetables. Although the list is short, these foods meet the needs of proteins, carbohydrates, fiber, and minerals of an average adult person.
In Mexico, this basic food basket will cost an average of 1,543.65 pesos. As of January 1, the minimum wage in Mexico increased from 88.36 to 102.68 pesos per working day, without considering the 43 municipalities of the Free Zone of the Northern Border, equivalent to 3,121.47 gross per month (3,061 net pesos).
If the price of food in Mexico is taken into account, spending on the basic food basket represents 50.4% of the minimum wage, thus our country is ranked 45 out of a list of 52 nations. Of five Latin American countries, Mexico is the last For example, an Australian only spends 6.7% of his minimum monthly salary, a Spanish allocates 9.1% for the basic food basket. An Argentine spends 22.5% of its minimum income and a Peruvian, 33.3 percent.
In Albania buying the eight products of the basic food, basket represents 31% of the minimum wage of that country, in South Africa, it is 33.5% and in Belarus 47.8%. Workers in Australia, Ireland, and Great Britain enjoy the best salary conditions on the list. This is because an Australian, Irish or British employee will only spend around 7% of his minimum salary taking the basic food basket.
With 50.4% representing the price of the basic food basket of the minimum wage in Mexico, our country only exceeds Ukraine (50.9%), Vietnam (53.7%), Kazakhstan (56.1%), Thailand (56.4%), India ( 61.2%), the Philippines (81.3%) and Nigeria (194.7%).
The composition of the basket and the average price is as follows:
Milk (10 liters) - $ 170.50 Bread (10 bars of 500 g) - $ 273.90 Rice (1.5 kg) - $ 26.96 Eggs (20 units) - $ 42.93 Cheese (1 kg) - $ 93.61 Chicken and beef (6 kg) - $ 641.88 Fruits (6 kg) - $ 137.32 Vegetables (8 kg) - $ 156.55
This analysis was based on the latest minimum wage rates published on the official websites of the competent authorities of 52 countries in Europe, Asia, America, Africa, and Australia.
Some of these countries update this information on dates other than January 1. For example, in Greece, the minimum wage has remained unchanged since 2013. On the other hand, the food basket used in this report represents the average prices collected by several thousand users.