2020 purchasing power vs 2023 purchasing power

Finance Minister Siniša Mali announced new increases in civil servant salaries and pensions this year. However, statistics show that, despite all the wage and pension increases, purchasing power has declined drastically.

Comparing prices in 2023 with prices in 2020 we can see that, in the case of certain consumer items, the prices went up by 200%.

According to data from the Ministry of External and Internal Trade, in 2023, the average salary was sufficient to buy about 40 litres more cooking oil than in 2020, but almost 100 kilogrammes less sugar and about 20 kilogrammes less pork.

The price of potatoes jumped the most – so in 2020, an average salary could buy you 1,138 kilogrammes, while for the 2023 average salary you could buy 400kg.

When it comes to fuel, for the 2020 average salary you could buy 447 litres of unleaded petrol compared to 444 litres in 2023.

The only thing that was unchanged in four years was the dinar/euro exchange rate with the average exchange rate in 2020 being the same as now – around 117 dinars for 1 euro. The average consumer basket in 2020 was 73,000 dinars, while in 2023, it was around 100,000 dinars.

Inflation in 2020 amounted to 1.3 percent, the average salary was 60,000 dinars, and the median salary was 46,000 dinars, which means that 50 percent of employees earned up to that amount.

Last year ended with inflation of about 8 percent, an average salary of almost 87,000, and a median salary of 67,000 dinars.

(021.rs, 03.01.2024)


This post is also available in: Italiano

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