x(563).png "Baltics: Basic Food Spending to Minimum Wage Ratio, by country"){kind=logo}
| Year | Latvia, in % | Lithuania, in % | Estonia, in % |
|---|---|---|---|
| Jan 2022 | 19.4 | 14.7 | 14.9 |
| Jan 2023 | 19.5 | 16.5 | 16.1 |
| Jan 2024 | 18.9 | 16.7 | 16.1 |
- Region: Estonia, Latvia, Lithuania
- Time period: Jan 2022 to Jan 2024
- Published: Feb 2024
Data Analysis and Insights
Rising trend in food spending relative to minimum wage in Lithuania and Estonia
Between January 2022 and January 2024, Lithuania and Estonia have witnessed a notable increase in the percentage of minimum wage spent on basic food. Lithuania's food spending as a percentage of minimum wage escalated from 14.7% to 16.7%, while Estonia saw an increase from 14.9% to 16.1%. These increments reflect a rising cost burden on individuals earning minimum wage in these countries.Stability in Estonia's food spending percentage in recent years
Estonia has shown remarkable stability in the proportion of minimum wage allocated to basic food spending from January 2023 to January 2024, maintaining a steady rate at 16.1%. This consistency indicates a stabilization of food prices relative to minimum wage, suggesting that any economic pressures affecting food affordability were relatively constant during this period.Marginal increase in Latvia's food spending percentage over two years
Latvia's basic food spending as a percentage of minimum wage saw a marginal increase from 19.4% in January 2022 to 19.5% in January 2023, followed by a slight decrease to 18.9% by January 2024. The overall minor fluctuation highlights a relatively stable economic balance between earnings and food prices in Latvia over the observed period.Decrease in Latvia's food spending percentage from 2023 to 2024
Latvia is the only country among the Baltics to report a decrease in the percentage of minimum wage spent on basic food, moving from 19.5% in January 2023 to 18.9% in January 2024. This reduction suggests an improvement in food affordability or an increase in minimum wage, enhancing the financial well-being of those on minimum wage.Comparison of food spending to minimum wage across the Baltics in 2024
As of January 2024, Latvia exhibits the highest percentage of minimum wage spent on basic food at 18.9%, followed closely by Lithuania at 16.7% and Estonia at 16.1%. This comparison underscores the variances in food affordability and economic conditions across the Baltic countries, with Latvia facing the greatest burden relative to minimum wage earners.Terms and Definitions
This term refers to the region in Northern Europe that consists of three countries: Estonia, Latvia, and Lithuania. These countries are known for their distinctive Baltic culture and rich history.
Refers to the amount of money spent on essential food items. These items include but are not limited to grains, vegetables, fruits, dairy products and proteins. The cost can vary significantly depending on factors like location, individual dietary preferences or restrictions, food prices, and family size.
This is the lowest possible amount that a worker can be legally paid for their work. It's set by law and varies from country to country. It serves as a bottom limit and is designed to protect workers from exploitation. Minimum wage regulations consider the living standards, inflation rates and local living costs of a country.
This refers to the amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare. It is often used to compare the affordability and standard of living between different geographical locations.
This is an economic theory that compares different countries' currencies through a basket of goods approach. It states that in absence of international trade and investment restrictions, an identical good would have the same price in different countries when measured in the same currency.
Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. It's usually calculated as an annual percentage increase. Central banks attempt to regulate inflation rates to keep them stable.
This is the difference in how assets, wealth, or income are distributed among individuals and populations. Economic inequality can be a result of various factors, including labor market conditions, taxes, and public spending policies.
This is the minimum income necessary for a worker to meet their basic needs. This is not always guaranteed, as the minimum wage is often lower than the living wage. It takes into account the cost of living in a certain region and aims to cover not just bare essentials like food and housing, but also provide for discretionary spending and savings.
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