The economy is different for every place, but almost everyone buys certain items no matter where they are in the world. How much does the following items cost in your area? Please state quantity.

Milk
Eggs
Music Cd

If it wouldn’t be too much of a problem, could you also convert the currency to Euros or dollars?


For a gallon of milk it is 2.99 US Dollars, or .79 USD cents per liter. That would be .66 Euros per liter.
1 gallon = 3.79 liters.
For 12 eggs it is 1 Dollar or .83 Euros.
For a CD it is about 15 US dollars, or 12.44 Euros.


Here is an excelent post about gas prices if interested.

 

Good idea!! What about including the average wage, just to be able to make some comparison, I earn 263 US Dollars a month, and I think I'm in the average

 

Sorry, I am not comfortable about sharing such personal information, but the average person in my area makes between 30K to 50K a year. This is hard to tell because there are people that make 15K a year and others who make 150K. I believe it is like this in all places.

 

Hi Blancalaw,

Great idea for a thread. One of my favorite journals, The Economist, started doing something generally similar years ago, with their Big Mac Index. They found this was a great way to explain to non-economists the underlying concept of the Purchasing Power Parity theory for setting foreign exchange rates.

The notion is that the local price of goods in one country, compared with the local price in another, gives a good indication of relatives costs, and hence the value, in relative terms, of each country's currency. I'll look for a link to their own explanation.

Thanks for this topic,
Cuchu

 

Here you are...good, simple explanation of what can be an intimidating concept:

http://72.14.203.104/search?q=cache...mist+"big+mac+index"&hl=en&gl=us&ct=clnk&cd=5

 

Milk - 1 liter is around 0.75 to 1 €
12 eggs - around 1.50 to 2.50 €
CD - around 14 € to 20 €

Cheers

Belén

 

Don't forget about the governmental taxes on everything. In France, for instance, there's a 19.6% VAT (Value Added Tax), whereas the US has various tax rates depending on state, michigan is 6%. VAT is added on things that are non-comestible though, so the difference in prices between CDs and food in relative countries is going to differ dramatically.

Effectively, it's more expensive for me to buy clothing and CDs here in France than it is at home in the United States, even regardless of things such as brands and fashions.

I don't really recall what the specific prices on milk and eggs are...maybe I can check the next time I go to the store. CDs range between 10-30 euros. An average is probably about 18 or 20 for a decently new one.

 

milk - about €0.60 (per Litre)
12 eggs - about €1.10
CD - depends. It may vary from €10 or less to €15 or €20

as for salary, I think it'd be better if one stated the minimum wage. Here it'd be between €400 and €450

If you want to convert values to any currency, press here

Judkinsc,
It's only natural that there be different rates in the US. If you think of it as a union of states, like EU (with some differences), then you'll understand that Michigan could stand, for eg, France, and Indiana for Portugal, each with its own laws, taxes, etc.
Am I too wrong to think like this?

 

i think it's worth pointing out that the VAT is charged to the supplier while the US tax system is charged to the consumer.

 

The end consumer still pays for it, but there are whole number prices on everything.

 

not at the full price given though

let me explain my logic. please somebody tell me if i'm mistaken.

I'm saying that for example. Lets say they charge a 16% VAT on an item. The supplier is going to raise the price no doubt, but (if he wants to maintain stability) not the full 16% because that would be higher than the market price.

does that make sense?

edit: I'm not saying that one way is cheaper than the other. They both end up being the same price for given tax variable applied to both systems.

 

Where I live, in the central US, the items are priced as follows:

Milk: $3.52 per gallon
Eggs: $1.89 / dozen
CD: $14.99 (with my discount card at a large national book retailer)

We have an 8.375 % sales tax in my city.

 

No. The incidence of taxes (= the welfare effects of taxes) is independent of who is nominally responsible for paying them. Sadly, it is one of the most misunderstood economic topics, leading to many fallacies.

Jana

 

Interesting thread!
In Italy (at least in Rome)
Milk (1 litre): 1,20-1,40 euros
12 eggs: about 1.80 euros (but it depends a lot on the kind of eggs, the shop and so on...)
CD: about 20-21 euros (this is the most common price, but it obviously depends on the CD and the seller...)

 

Almost the same in Paris, maybe a bit more expensive in some areas.

 

Good idea Cuchu, I didn't think about putting the price of a common fast food meal on the list of food, a Big Mac would be an excellent food item to compare. The McDonalds invasion is everywhere around the globe.

I did forget about the tax. It would be a great topic for another thread.

Wow, what a price for milk!!! I thought it was expensive here. I guess the cows must be on strike where you live.

 

That's not quite how it works.

If you are a business, you get input credits for the VAT you have paid on the goods/services that you use.

The final customer pays all the VAT, since VAT is percentage of the final price, and the final customer cannot pass it on to anyone.

In most countries, the advertised or ticket price in the shop is the price you pay for the goods. If the price tag is €15, that's what you pay.

They don't have the US system of adding the taxes at the cash register,
so the tag is $15, but at register they add 4% for the city, 5% for the county and 6% for the state, so you have to hand over $17.25.

Most visitors to the US really hate that system - especially when the help wants an extra 15% as a tip.

1 litre of milk costs around €0.80 or $0.97 (no tax on fresh food)
A US gallon of milk = $3.68
New release CDs around €13.70 - €16.50; $15.60 - $18.80 (includes 10% GST)
A dozen eggs (from caged birds in a large supermarket) costs around €1.60, $1.95 (no tax on fresh food)
Free-range eggs cost more.
A litre of petrol/gasoline costs €0.75 $0.90 (includes assorted taxes)
A US gallon of gasoline costs $3.42

Now for important things
700ml bottle of Scotch Whisky €14.30 $17.30
700ml bottle of Wild Turkey €20.55 $24.80
six pack (355ml) of US imported Budweiser Beer €8.00 $9.70
24 (375ml) local beer €18.70 $22.50

 

That's a great idea to include the price for fuel, since that has a dramatic influence on the ordinary citizen's budget.

Here, one litre of petrol/gasoline '95 octanes (the one I use) is priced at €1.25 => US$1.50

Is there a real difference between petrol and gasoline or is that another BE/AE thing?

 

Although it varies a great deal here in the U.S.A, here in Florida prices are pretty much this:

Gas/Petrol = $0.61 to $0.63/liter = €0.49 to €0.51/liter
Milk approx $0.91 to $0.93/liter = 0.75€ to 0.76€/liter
Eggs = approx $1.30/dozen(12) = 1.07€/dozen
CD's are anywhere from $15.00 to $20.00 = €12.30 to €16.40

 

That is so true, my dear Cuchu. However, in this mini-survey it is also important to state the average price in housing and ... SALARIES!!

For instance, the prices in NYC are similar to those stated here: about USD3.90 a gallon of milk, USD2.00 to USD4.00 (cage free) for eggs. Nevertheless, the rent is unbelievably expensive. You can find nothing for less than USD1,000 a month, not even a studio apartment, unless you move to areas where bullets pass close to you in the middle of the day.

Rent in my area starts at USD1,300 for a tiny studio apartment, with no separate kitchen, 6 blocks or more from the closest subway station. The average rent price, I would say, is between USD1,600 and USD2,000 a month for non-luxurious apartments, or townhouses.

Also, as Vanda clearly stated in her post, salaries are a major factor. She pays half the price that I pay for milk; however, the lowest salary is almost 20 times lower than the lowest salary in my neighborhood. That is a huge difference!!

That is, excluding those who are rich and spend money lavishly the cost of living in my area is consumed mainly by rent, not by food, or items such as books or CDs which tend to be cheap in comparison to housing prices. ...well, that can said to be true except when I want to buy a nice steak which costs about USD14.00, a big rip-off compared to what a nice steak costs in Argentina. I really miss those steaks!

Saludos

 

Carton of 12 eggs - $1.29
Gallon of milk - $2.79 (about 73.6 cents / liter)
CD - (new) $10 - $15

 

30 euros?!!! For a CD?

 

Pero el salario mínimo por día es de menos de U$4.00

 

Some other things:

New domestic luxury car (such as a Buick, Lincoln, or Cadillac) : ~$35,000 - $55,000

10-year old used domestic luxury car, good condition, 100,000 miles: ~$4,000 - $8,000

Rent: $400-500 / month for a 1 bedroom apartment

Modest older House (early 20th century, 900 - 1,500 ft2, 100 - 166 m2), good condition, in working-class neighborhood in city: approx. $100,000-$150,000

Newer House (2,500 ft2, ~270 m2) in semi-rural suburb outside City: approx. $200,000 - $300,000

Dinner at a decent restaurant (excl. wine / alco-bevs, appetizers, and dessert, but including pop with normally unlimited refills): $8-$15

Dinner at a fancier restaurant (excl. wine / alco-bevs and dessert): $15-$30, more if a "delicacy" type of meal is ordered (e.g. lobster)


​

 

VAT is equal in every EU country, since it has been regulated by a European directive which has to be transponsed in the legislation of each member state. Food is also levied, but a lowered rate of 7%.

A rough explanation of how does VAT work:

Let's say there are three levels: the provider, the manufacturer and the consumer.

The provider sells the raw material to the manufacturer at a price of 1€, so he has to charge 1.16€ (+16% VAT) and then pay this 0.16€ to the Inland Revenue. The manufacturer sells his product to the consumer at a price of 3€, so he has to charge the consumer 3.48€ (+16% VAT). So, he has to pay 0.32€ (0.48€ - 0.16€) to the Inland Revenue. So, at the end, the consumer is the one who has paid all the VAT (0.48€).

How does it work in the USA and in other non-EU member contries?

 

Fewer taxes in the USA. Only the end consumer pays the tax.

Food is not taxed at all at grocery stores, only in restaurants.

 

Those prices can’t be generalized to the whole US. I have no idea where tvdxer lives, but that's certainly not the case in New York, and the surrounding areas. Aside from rent-stabilized apartments or low-income housing, rent is way higher than that. See my previous post (#21) to get an idea.

 

Well in almost all areas of the US, it is possible to economize when it comes to rent and standard of living.

I am in NYC most weeks on business, and I maintain an office there. I know that in NY for example, you can get an apartment in queens or brooklyn for $800 to $1200 per month, in a neighborhood that, while not upscale, it at least safe to get to and from the train, and within a 40 minute train ride to the city.

While those in NY complain about this high cost of rent, they overlook the immediate and immense savings in their commuting expense. Everywhere else in the country that you would live, you almost HAVE to have a car just to hold down a steady job.

A metro (subway) card is ~$75 a month.

Compare that to maintaining a car, lets say the cheapest Honda civic you can buy) and replacing every 5 years, ~$400/mo. Add in full coverage insurance at ~$150 a month, and you're saving BACK almost $500 a month. Sure makes that crazy rent seem more manageable.

Where the high rents are felt the most is in SERVICE INDUSTRY PRICES. Meals in NY are higher than elsewhere in the US. But then again, you can cook for yourself should you choose to.

Most NYers who whine about the high cost don't realize (or won't admit) how spoiled they really are. It's easier to feel like we should make more, then to admit that we should spend less.

In Brooklyn:
Milk: $3.25/gal
Eggs: $1.25/dozen
Gasoline: $2.50/gal

Manhattan:
Milk: $4/gal
Eggs: $2/dozen


Now as to my home in South Carolina:
There I maintain an apartment in a rural small town. The rent on a large 2 bedroom apartment is under $400/mo. The Gas and Electric is cheaper. And the gas in my car is cheaper, although I have to use a lot more since there is no subway to take me where I need to go.

South Carolina:
Milk: $3.25/gal
Eggs: $1/dozen
Gasoline: $2.20/gal

Unfortunately, in SC, there are few jobs, and at much lower wages.

 

That's very true. The area I live in (Duluth, Minnesota) is probably one of the country's cheaper areas.

NYC prices, however, are further less representative of the U.S. averages, because they are so insanely high.
​

 

HI,

I have disregarded the cost of owning a car possibly because I have never ever driven. I don't like it and I do a major favor to society by refraining myself from doing it. However, I don't know if it is whining what people in New York do, or at least that's not what I intended to do in this thread*. If the point of this thread is to indicate relative costs of living, I thought that rent and salaries were overlooked. For instance, I find rent in my area to be ridiculously expensive in comparison to other goods, and that people in general terms are really well paid in comparison, again, to other places in the country, or the world. That's all.


Also, keep in mind that perhaps NYers save money in gas, but we live in shoeboxes. People make choices. I chose to pay much more money in rent, live in a doll house so I can be closer to school and work rather than have the obligation to own a car and also commute for one hour after 9:40 pm when I'm off from school. It’s not about whining, really, it’s about putting things in perspective and making the right choices for ourselves.

In any case, and terribly OT, I don't agree with your statement that you can get an apartment in a safe area in Brooklyn or Queens for $800 a month rent, since I have myself looked for an apartment recently and I found absolutely nothing below $1,000. The one I found was a tiny one bedroom located in Bay Side, which means more commuting time (LIRR + subway), more money spent on trains and adding the possible need of a car. I found that even in not so nice areas in Harlem, landlords are asking for more than 1,200 a month for the smallest place. Of course this is arguable: what we consider a safe area, a livable place and so on.

Don't get me wrong. I’m not intending to generate a polemic. I just had to answer to a message that felt directed towards me and I don’t completely agree with.

Saludos,

Maria
* Please bear in mind that I’m not even a New Yorker; I’m Argentine who happens to live in NYC.

 

It's a BE v AE thing.

Petrol (shortened from petroleum = earth oil) is what powers BE cars.

Gas (shortened from gasoline [sometimes written gasolene]) is what powers AE cars.

This can be a bit confusing in Australia, as many cars, expecially taxis, run on Liquified Petroleum Gas (LPG), common called gas.

Its legal name is "motor spirit" - no-one calls it that, but that is the name used in laws and government regulations.

 

Thanks for clearing that up, Brioche

As for the thread, and the discussion over house rents, here it also depends on several factors one of which is location, naturally.

Prices in the center of big cities can be as high as €1000 or more.
In suburban areas prices are lower, around €250 or €300, but then again there is that trasportation issue, and adding to than the usual jams in rush hour.

There are «special» cases of rents, established before the revolution (which overthrew the dictatorship in 1974), which have seen very little increase, and remain ridiculously low.
These can be as low as €3 (yes, three euros). The present gov.ment has passed some legislation that will update these rents gradually to an average level in a few years time.

 

Lampaio, the same happened in Spain, there have been three laws updating this rents, but the fact is that there are still some renting contracts from before 1964 that pay a very low rent (but not as low as €3). So there are several owners who try to do everything legal and illegal in order to make the elderly tenants leave to rent the flat at a market price...

 

I had to buy some of this stuff yesterday so here I'm with its price.

About rents in my neighborhood the average (includings taxes, services and other fixed costs) is US $197.-
EDIT: I forgot to mention it is the cost of a rent of a one bedroom flat, and it's a safe and expensive neighborhood.

 

In my city, one of the mid cities in East China, the price as follows:
milk: $3.66/liter
eggs: $0.95/dozen
rent: $50-60/month (only one bedroom, bad location); $100-120/month (well euipped, including internet, gas, water, and Cable TV); $200-250/month (very good apartment that includes everything, you will have one bedroom and share the living room with another person); $300-350/month (including two bedrooms and one living room)

 

Thank you very much Chaska, aaah languages, a neverending story huh?

 

Did someone mention cows being on strike somewhere else?

 

Chinese people, especially the elders, are not used to drink milk. And most farmers have pigs or chickens rather than cows. So, the price of milk here is relatively high. But that is the price of most famous brand, such as Yili Brand and Bright Brand. Other brands has much lower price, approximately $1.7-$2.2/liter.

 

Japan:
a liter of milk 230yen or more
12 eggs approx. 250yen to 300yen
CD averagely 1500yen to 2500yen (imported or secondhands CDs are cheaper than ones sold via Japanese music agency)

May be kind of more expensive than other countries

 

I'll put it in US $ if you don't care

 

Would that it was Ampurdan! The rates differ between countries and on goods. For example in Spain and France you pay VAT on papers but we don't here. Equally fresh food is VAT free but luxury food isn't.

As for prices, in London the price of everything is ridiculous.

A pint of semi skimmed milk (about half a litre) 45 p at the shop at the bottom of the road
Chart CD on the high street £12 - £15
Import CD £20 / 30 euros/ $35
Half a dozen eggs depends on the sort for half a dozen medium battery eggs 75p, free range £1.20, organic free range £1.60 so something like 1.10 to 2.35 euros

In terms of rents the prices for flats are coming down a little because so many people have bought property because they think they won't have a pension. In the area I live a two bedroom flat would be something like £800 a month and up 1200 euros 1350 dollars. To buy anything is hard. A typical small house in London starts at £220k and that's in areas considered affordable. In the bits people want to live it is at least twice that.

Petrol has come down since January but is about 88p a litre, 1.30 eu 1.55 dollars.

A ticket on the tube (metro) in the centre is now £3 per single journey. 4.5 euros, 5.30 usd!

I am told the average wage is about 30k a year but in London this figure is fairly meaningless. There are some people in the city who are looking at bonuses this year of up to £1m each. Meanwhile for more ordinary mortals the minimum wage is £4.80 an hour.

My conversions are fairly approximate. If you want a link to a converter try this

 

Maria, please accept that I was not targeting you specifically as whining, but rather I was commenting on the general state of whining in NYC in general. People who don't understand what you yourself said about making choices.

... which is more or less my point summed up. In NYC, you make choices, balancing one thing againt another.

The neighborhoods I had in mind were: woodside in queens, greenpoint (brooklyn), flatbush or nostrand around church or atlantic (brooklyn), midwood! (brooklyn), and what they are calling "east williamsburg" which is more like "west bushwick".

OK, woodside maybe closer to $1000 for a single, but I also assumed that if money was an issue that you would have a roomate and share a 2BR for $1300. It really is the NYC way. And midwood and flatbush are 45 minute commutes.

The J train, around Lorimer or Flushing seems to be the best deal these days (although I hate to let the word out and drive up the rents) if you live close to the train entrance, and dont expect to stroll leisurely around at night. But its IS doable. Ideal? Of course not!!!

Take care, Maria, and hang in there and enjoy NYC. After all, you are paying for the privilege

 

Oh, I never thought the Music CDs were that much expensive in Europe and America. Now I understand why Music CDs of European and American performers are expensive here. I thought that CDs were cheaper in Europe and America but more expensive here due to the addition of some tax.

Here in Egypt, a CD of an American or European performer costs about 80 to 90 Egyptian pounds (about 16 US Dollars). An Arabic Music CD costs only 35 Egyptian pounds.

12 eggs = 4 Egyptian pounds
1 kg of Milk= about 4, 25 Egyptian pounds

(1 US Dollar= about 5,5 Egyptian pounds)

 

I see what you mean, but this isn't 100% the way it goes. In Europe, VAT is only paid when SELLING stuff and you can get it back from the state when BUYING stuff if you have a coorperation. So the store buys 1L of beer, gets the 21% VAT (in Belgium) back from the state but has to pay 21% VAT when he sells it. Of course he will ADD this to the consumer who will have to pay - indirectly - the tax.

 

The Big Mac Index as previously mentioned is an excellent way to see the varying costs between most countries... this list that I found is not the most current... printed in 2002. You can see the most current index at Economist.com but only if you have a subscription. It will give you a general idea though.

http://www.stanford.edu/class/msande247s/bigmac02.htm

 

Hi and welcome goldrush76!

I'm sorry for insisting, but the knowledge of the cost of the Big Mac without any knowledge about wages or house prices doesn't say much... for instance, I could say a Big Mac in Angelsland costs US $1.000, and you would probably say "Gosh, unbelievable!", but then if I say the average wage is US $25.900 a month, well the price of a Big Mac in Angelsland make some sense, do I make clear myself?

 

okay, that is true. If we knew BOTH the current average wage AND the cost of a Big Mac in each country we would have a realistic, however basic, comparison for the cost of living.

 

2014, Czech republic, Prague

Milk 1 liter 20-25 CZK > 3.80 - 4.70 USD per gallon
Eggs 1 2,8-3,3 CZK > 1.60 - 2.00 USD per 12 eggs
Bread 1 kg 45 CZK > 2.20 USD per 1 kg
Coca-Cola 2 liters 38 CZK > 1.90 USD