Inflation recently reached a four-decade high in the U.S., spiking around the world as well. Oil and gas prices have recently surged because of Russia’s invasion of Ukraine, putting further pressure on prices. Consumers are feeling pain at the pump and in the supermarket, but the effects are not felt equally worldwide. Prices of everyday items vary from country to country, and so do earnings.
To determine the countries with the most and least affordable groceries, 24/7 Wall St. has reviewed data on the cost of groceries from Numbeo and average earnings from the Organisation for Economic Co-operation and Development. OECD countries were ranked based on the estimated cost of a month worth of groceries as a percentage of monthly earnings. Our methodology, including the basket of foods used, is based on James Andrews’ “Weekly shop index.” The basket includes such items as milk, cheese, eggs, fruit and vegetable, bread, rice, beef, and chicken.
People in lower-income countries often spend a higher percentage of their earnings on basics such as foodstuffs and gas. People in richer countries have more disposable income and may not feel the pain of inflation quite as much. Countries in the OECD generally fall into the latter category. Membership is dominated by the countries of Europe and North America, with only one member in South America and none in Africa.
The Netherlands has the most affordable groceries. Average monthly earnings are high – almost $5,000 – and the estimated monthly spending on groceries is less than $100 (ranking about middle of the 35 countries considered in terms of the price of groceries). As a result, Dutch people spend only 1.97% of monthly earnings on this basket of groceries. (Find if the Netherlands is among the 25 richest countries in the world.)
At the other end, Mexico has the least affordable groceries. Though it has the fifth cheapest basket of groceries, at about $63, it is also the country with the lowest earnings on our list at $1,352. Mexico residents, therefore, spend 4.65% of their earnings on groceries, the most of the 35 countries considered.
The United States ranks No. 5 in affordability. Though it has the ninth highest price of the basket of groceries at $121, the U.S. also has the highest monthly earnings of any country. Americans therefore spend just over 2% of their earnings on groceries, the fifth least of countries considered. (The U.S. ranks among the countries where taxes most effectively close the income gap.)
Click here to see the countries with the most and least affordable groceries
Click here to see our methodology
35. Mexico
> Groceries cost as pct. of earnings: 4.65%
> Estimated monthly groceries cost: $62.87
> Average monthly earnings: $1,352
> Total population: 128.93 million
[in-text-ad]
34. South Korea
> Groceries cost as pct. of earnings: 4.44%
> Estimated monthly groceries cost: $155.47
> Average monthly earnings: $3,497
> Total population: 51.78 million
24/7 Wall St.
33. Japan
> Groceries cost as pct. of earnings: 4.39%
> Estimated monthly groceries cost: $140.84
> Average monthly earnings: $3,210
> Total population: 125.84 million
32. Switzerland
> Groceries cost as pct. of earnings: 3.87%
> Estimated monthly groceries cost: $209.22
> Average monthly earnings: $5,402
> Total population: 8.64 million
[in-text-ad-2]
31. Israel
> Groceries cost as pct. of earnings: 3.77%
> Estimated monthly groceries cost: $123.59
> Average monthly earnings: $3,277
> Total population: 9.22 million
30. Greece
> Groceries cost as pct. of earnings: 3.48%
> Estimated monthly groceries cost: $79.00
> Average monthly earnings: $2,267
> Total population: 10.72 million
[in-text-ad]
29. Slovakia
> Groceries cost as pct. of earnings: 3.47%
> Estimated monthly groceries cost: $68.32
> Average monthly earnings: $1,968
> Total population: 5.46 million
28. France
> Groceries cost as pct. of earnings: 3.29%
> Estimated monthly groceries cost: $125.06
> Average monthly earnings: $3,798
> Total population: 67.39 million
27. Italy
> Groceries cost as pct. of earnings: 3.26%
> Estimated monthly groceries cost: $102.80
> Average monthly earnings: $3,147
> Total population: 59.55 million
[in-text-ad-2]
26. Norway
> Groceries cost as pct. of earnings: 3.26%
> Estimated monthly groceries cost: $151.76
> Average monthly earnings: $4,648
> Total population: 5.38 million
25. Chile
> Groceries cost as pct. of earnings: 3.21%
> Estimated monthly groceries cost: $71.63
> Average monthly earnings: $2,227
> Total population: 19.12 million
[in-text-ad]
24. Hungary
> Groceries cost as pct. of earnings: 2.86%
> Estimated monthly groceries cost: $60.48
> Average monthly earnings: $2,117
> Total population: 9.75 million
24/7 Wall St.
23. Czech Republic
> Groceries cost as pct. of earnings: 2.83%
> Estimated monthly groceries cost: $70.60
> Average monthly earnings: $2,490
> Total population: 10.70 million
22. Portugal
> Groceries cost as pct. of earnings: 2.82%
> Estimated monthly groceries cost: $66.90
> Average monthly earnings: $2,368
> Total population: 10.31 million
[in-text-ad-2]
21. New Zealand
> Groceries cost as pct. of earnings: 2.79%
> Estimated monthly groceries cost: $105.17
> Average monthly earnings: $3,772
> Total population: 5.08 million
20. Sweden
> Groceries cost as pct. of earnings: 2.68%
> Estimated monthly groceries cost: $104.87
> Average monthly earnings: $3,918
> Total population: 10.35 million
[in-text-ad]
19. Iceland
> Groceries cost as pct. of earnings: 2.64%
> Estimated monthly groceries cost: $148.66
> Average monthly earnings: $5,624
> Total population: 366,425
18. Austria
> Groceries cost as pct. of earnings: 2.62%
> Estimated monthly groceries cost: $116.26
> Average monthly earnings: $4,428
> Total population: 8.92 million
17. Finland
> Groceries cost as pct. of earnings: 2.61%
> Estimated monthly groceries cost: $100.60
> Average monthly earnings: $3,852
> Total population: 5.53 million
[in-text-ad-2]
16. Canada
> Groceries cost as pct. of earnings: 2.55%
> Estimated monthly groceries cost: $117.85
> Average monthly earnings: $4,612
> Total population: 38.01 million
15. Spain
> Groceries cost as pct. of earnings: 2.54%
> Estimated monthly groceries cost: $80.35
> Average monthly earnings: $3,160
> Total population: 47.35 million
[in-text-ad]
14. Luxembourg
> Groceries cost as pct. of earnings: 2.53%
> Estimated monthly groceries cost: $138.74
> Average monthly earnings: $5,488
> Total population: 632,275
24/7 Wall St.
13. Latvia
> Groceries cost as pct. of earnings: 2.52%
> Estimated monthly groceries cost: $62.71
> Average monthly earnings: $2,490
> Total population: 1.90 million
12. Estonia
> Groceries cost as pct. of earnings: 2.49%
> Estimated monthly groceries cost: $63.74
> Average monthly earnings: $2,560
> Total population: 1.33 million
[in-text-ad-2]
11. Slovenia
> Groceries cost as pct. of earnings: 2.49%
> Estimated monthly groceries cost: $85.89
> Average monthly earnings: $3,454
> Total population: 2.10 million
10. Denmark
> Groceries cost as pct. of earnings: 2.45%
> Estimated monthly groceries cost: $119.36
> Average monthly earnings: $4,869
> Total population: 5.83 million
[in-text-ad]
9. Australia
> Groceries cost as pct. of earnings: 2.34%
> Estimated monthly groceries cost: $107.52
> Average monthly earnings: $4,601
> Total population: 25.69 million
8. Belgium
> Groceries cost as pct. of earnings: 2.28%
> Estimated monthly groceries cost: $103.28
> Average monthly earnings: $4,527
> Total population: 11.56 million
7. Republic of Ireland
> Groceries cost as pct. of earnings: 2.23%
> Estimated monthly groceries cost: $91.90
> Average monthly earnings: $4,123
> Total population: 4.99 million
[in-text-ad-2]
6. Lithuania
> Groceries cost as pct. of earnings: 2.21%
> Estimated monthly groceries cost: $58.56
> Average monthly earnings: $2,651
> Total population: 2.79 million
5. United States
> Groceries cost as pct. of earnings: 2.10%
> Estimated monthly groceries cost: $121.26
> Average monthly earnings: $5,783
> Total population: 329.48 million
[in-text-ad]
4. United Kingdom
> Groceries cost as pct. of earnings: 2.07%
> Estimated monthly groceries cost: $81.47
> Average monthly earnings: $3,929
> Total population: 67.22 million
3. Germany
> Groceries cost as pct. of earnings: 2.05%
> Estimated monthly groceries cost: $91.81
> Average monthly earnings: $4,479
> Total population: 83.24 million
2. Poland
> Groceries cost as pct. of earnings: 1.98%
> Estimated monthly groceries cost: $53.67
> Average monthly earnings: $2,711
> Total population: 37.95 million
[in-text-ad-2]
1. Netherlands
> Groceries cost as pct. of earnings: 1.97%
> Estimated monthly groceries cost: $96.81
> Average monthly earnings: $4,902
> Total population: 17.44 million
Methodology:
To determine the countries with the most and least affordable groceries, 24/7 Wall St. reviewed data on the cost of groceries from Numbeo and average earnings from the OECD. Countries in the OECD were ranked based on the estimated cost of a month of groceries as a percentage of estimated monthly earnings. Estimated monthly grocery costs were calculated by multiplying the cost of a weekly basket of groceries by 4.345, the average number of weeks in a year.
The weekly basket of groceries contains a liter of regular milk, a dozen eggs, 350 grams of cheese, 500 grams of apples, 600 grams of bananas, 600 grams of oranges, 300 grams of tomatoes, a kilogram of onions, a head of lettuce, a 500-gram loaf of white bread, 250 grams of white rice, a kilogram of potatoes, 300 grams of chicken filets, and 100 grams of beef rounds. Average monthly earnings were calculated using data on average annual earnings in 2020 from the OECD.
Our list is modeled after James Andrews’ “Weekly shop index” from February 2022. Total population figures in 2020 are from the World Bank.
Credit card companies are handing out rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
