The currencies of six countries – Turkey, Serbia, Armenia, Georgia, Germany and Kazakhstan – where Russians most often traveled in 2022, turned out to be overvalued against the ruble by almost 50% , according to an analysis by Russian media. We studied the prices of okroshka ingredients in supermarket chains, compared them with the official rate and compiled a rating of the most inaccessible okroshka for movers.
In June, it will be exactly one year since the day the Russians said goodbye to the Big Mac. McDonald’s places were occupied by restaurants of the new chain Vkusno i Tochka, children were left without Happy Meals and economists were left without the Big Mac index. This tool also showed the strength or weakness of the ruble against other currencies.
Russian media decided to “import replace” the Big Mac index by comparing how okroshka prices in different countries correspond to the official ruble exchange rate against foreign currencies. It turned out that all these currencies are overvalued against the ruble, including the Turkish lira, which in 2022 Survived inflation over 80%.
How does the Big Mac index work?
The Big Mac Index clearly shows how the currencies of different countries compare. To calculate it, you need to divide its price in Russia (in rubles) by the price in another country (in its currency).
The result is compared with the official ruble exchange rate against the selected currencies. If the Big Mac index is higher than the official rate, then the ruble is undervalued, if vice versa, it is overvalued. The Big Mac Index is an inaccurate but sufficient tool to understand how much the same food basket costs in different countries.
Recipe and price of Okroshka in Russia
For the reference price of okroshka, its cost in Russia was taken into account in the calculations. Specifically, the cost of a set of products from a traditional recipe is about 2.5 liters.
Kvass / kefir – 1000 ml; Potatoes – 500 gr; Boiled sausage – 300 gr; Eggs – 3 pieces; Radish – 200 g; Cucumbers – 300 g; Sour cream – 20 g; Green onions – 10 gr; Parsley – 10 g; Salt – 5 gr.
Cold kvass soup is used as a reference for calculating the okroshka index. You can cook it in Russia for 363 rubles. Fans of okroshka with kefir will have to pay 33 rubles more.
The average salary in Russia in February 2023 was, according to Rosstat , 65,000 rubles. For this amount, exactly 179 okroshkas on kvass can be prepared per month. In other countries selected for the study, this amount was sufficient for fewer servings.
Georgia: 164 okroshka
The Russian salary in Georgia is enough to cook about 164 okroshkas. At the same time, for the average Georgian salary u, that is 1774 lari, you can afford 136 okroshkas. If we talk about real prices, then okroshka on kvass will cost 13 lari (394 rubles), on kefir – 17 lari (537 rubles).
Why is it more expensive than in Russia? Thanks to Russian relocators, the Georgian currency started to get stronger against the ruble. If in May 2022 for one lari asked 23 rubles, now it’s almost 31 rubles.
If we talk about absolute values, then the okroshka index (the ratio of its price in Georgia to the price in Russia) showed that the Georgian currency is overvalued by 9% against the ruble. This is the very difference between the official exchange rate and the cost of the “okroshka” basket.
Kazakhstan: 146 okroshkas
The Russian salary in Kazakhstan is enough to cook 123 homemade okroshkas on kvass. Average salary in Kazakhstan — 338,715 tenges. That’s just enough for 116 servings.
The prices of ingredients for okroshka show that in Kazakhstan a dish of kvass will cost 2,439 tenge (or 443 rubles). Cooking okroshka with kvass is a little more expensive in Kazakhstan – 2,577 tenge (or 464 rubles).
The Russian currency has been falling against the tenge for a year. If in December for the ruble gave 7.45 tenge, then at the end of May – already 5.56. As for the okroshka index, the official rate is 45% higher. The currency is therefore overvalued against the ruble.
Armenia: 140 okroshkas
The Russian salary in Armenia is enough for 140 okroshkas, while the Armenian one, which is AMD 249,300 , only for 118. Prices in supermarket chains are as follows: okroshka on kvass – 2215 drams (or 463 rubles). Kefir – 2066 drams (or 432 rubles).
Currency of Armenia took the lead in terms of growth after a year of massive relocation of Russians. If at the end of May 2022 the dram cost 15 kopecks, now it is 21 kopecks. If we compare the official exchange rate with the difference in okroshka prices, it turns out that the dram is overvalued against the ruble by about 27%.
Serbia: 135 okroshkas
The salary of a Russian in Serbia is enough for about 135 okroshkas. Serbian salary, which To 83,200 dinars, – per 126. The prices themselves look like this: Serbian okroshka on kvass costs 656 dinars (or 481 rubles), kefir – 746 dinars (or 547 rubles).
Over the past year, the Serbian currency has also risen against the ruble. If in May 2022 for one dinar gave 61 kopecks, now it is 73 kopecks. At the same time, according to the okroshka index, the Serbian currency turned out to be overvalued by 33% against the ruble.
Türkiye: 86 okroshkas
The Russian salary in Turkey is enough for about 86 okroshkas, and Turkish – for 53. If we talk about specific amounts, then the okroshka for kvass in Turkey will cost 189 liras (or 754 rubles). If you cook on kefir, the price of the dish will drop by more than 50 lira to 544 rubles.
The ruble and the lira are linked by the Big Mac index. According to this indicator, in January 2022, the ruble for the first time headed list of the most undervalued currencies. Against the dollar, the national currency was undervalued by 70%. The Turkish lira was not outdone with a result of 67.9%.
The ruble-lira pair in May 2023 returned to last year’s rate of 1 to 4. However, the okroshka index showed that the Turkish currency was overvalued by 107%. This may be due to catastrophic inflation, which fixed in the country in 2022.
Germany: total 52 okroshka
Russian movers had the most difficulty in Germany. Here you can cook only 52 okroshkas for a Russian salary. A in German – 293. The prices themselves look like this: for a German okroshka on kvass you will have to pay 14 euros – at the current exchange rate this is 1244 rubles. Soup with kefir will cost 13 euros or 1157 rubles, respectively.
Prices seem high, but 2022 has become a period of anti-records for the European currency. In July, the euro negotiated for 57 rubles, update Low for 20 years against the dollar. In 2023, the exchange rate returns to its usual indicators: for 1 euro give almost 86 rubles.
As for the okroshka index, it shows that the European currency is overvalued by 243% against the ruble.
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