Many years ago when I was studying economics at college, we were taught purchasing price parities PPP. In simple terms, this compares the price for the same basket of goods from different countries, and is often used in macro economics for policy making.
Big Mac Index
One interesting example of PPP we looked at is the Big Mac index created by The Economist magazine. This started off in 1986 as a fun way to look at the price of one single product across the world - the Big Mac from Macdonald's. Although the Big Mac index isn't an official index and looks at one product only, over the years it has found it's way into economic textbooks and research papers and is often used as a simple way to compare prices across countries.
Source
Hive PPP Index
Since Hive is a global platform, I thought it would be interesting to do a Hive PPP to understand more about the world from our fellow Hivers. How does the cost of goods in other countries compare to our own?
I have selected a small basket of goods I think are applicable to all countries, and I want to find out how much it would cost to buy them. Let me tell you how much it would cost in the UK.
- one month mobile phone plan with 5GB data £4.90
- 1 litre of standard unleaded petrol/gas £1.39
- 500g of pasta £0.75
- 6 eggs £1.65
- 1 kg flour £1.65
- 1 kg minced beef (or pork if your culture don't eat beef) £7.78
- 1 kg of potatoes £0.98
- one can of 330ml coca cola £1.30
- one cup of medium hot latte £3.25
- one large pepperoni pizza from a sit down meal in a restaurant £13.95
- one cinema ticket to watch the latest Hollywood blockbuster movie £7.50
- 1 pack of 10 can beer £8.50
How much in your country?
I'm interested to find out how much it would normally cost you to buy the same items in your country. It doesn't matter what the brand is or the quality or type (eg plain flour or corn flour, cage eggs or free range eggs). Whatever you normally buy would be fine. And if you don't normally buy it, the price if you were to go and buy it tomorrow. Just make sure to keep the unit of measurement (5GB data, 1 kg) the same to make the index comparison meaningful.
You can use the format below. Copy and paste it and replace with your own answers, then add it as a comment to this post. Or if you feel your response justifies a post, feel free to do that. Use the tag #hiveppp so I can find it. You can give the prices in your local currency or USD (saves me doing the conversion), just make sure you tell me which currency it is.
Your country : UK
Currency: GBP £
|Item|Price|
|-|-|
|one month mobile phone plan with 5GB data|4.90|
|1 litre of standard unleaded petrol/gas |1.39|
|500 gram of pasta|0.75|
|6 eggs|1.65|
|1 kg flour|1.65|
|1 kg minced beef (or pork if your culture don't eat beef)|7.78|
|1 kg of potatoes|0.88|
|one single can of 330ml coca cola|1.30|
|one cup of medium hot latte|3.25|
|one large pepperoni pizza from a sit down meal in a restaurant|13.95|
|one cinema ticket to watch the latest Hollywood blockbuster movie|7.50|
|1 pack of 10 can beer|8.50|
In a week's time I will collate all the response to produce the Hive PPP Index. The purpose is for information only and isn't meant to represent the standard of living because it doesn't look at other things such as salary or housing. Countries like UK will of course be more expensive than Taiwan, but by how much?
This exercise is really for fun, to engage everyone from every country to drive more engagement and to learn more about each other. Look forward to your response.