A new measure for inflation: Chicken Index

[Dolores]

Perhaps as a spoof of official statistics, perhaps as a way to put the economic realities in perspective, President Luis Abinader has mentioned a new metric: the Pollo Index (Chicken Index).

The President said that with the new minimum wage a person can purchase 246.63 lbs of poultry as a demonstration of the purchasing power of the new wage levels.

According to the Ministry of Agriculture, a pound of processed chicken is worth RD$75.83/lb and workers can now obtain 100 pounds more of this protein than in 2011, the year referred to in the 27 February 2023 state of the nation speech in Congress.

The 15% wage hike that goes into effect this month will be boosted by another 4% next year.

The President’s reference is the result of an effort by some young economists who were trying to measure the buying power of the new wage package. Abinader noted that the minimum wage...

Continue reading...

 

[windeguy]

SantiagoDR always used the price of eggs, so is it the chicken or the egg?

 

[CristoRey]

I sure hope it's a spoof.

 

[Kricke87]

Very interesting numbers. Where do anyone buy chicken for RD$75.83/lb? In the supermarkets it's been $85 and 90, and in any local colmado it's more lika $100, so where does their number come from?
Then in the Listin Diario article they say that the price in 2011 was RD$55/lb, but I remember when I came here in 2011 that I bought it for less than RD$50/lb.
But sure, chicken is the ONLY thing anyone buys with their paycheck, let's just forget about everything else that has gone up between exponentially during the last 12 years.
Why not use another product as their index, what about "Yuca Index".
In 2011 you could buy 1 lb of Yuca for around RD$5, now the Yuca is around RD$30/lb. A minimum wage worker in 2011 could buy 1516 lb of Yuca, but now less than half, 623 lb.

 

[AlterEgo]

Very interesting numbers. Where do anyone buy chicken for RD$75.83/lb? In the supermarkets it's been $85 and 90, and in any local colmado it's more lika $100, so where does their number come from?
Then in the Listin Diario article they say that the price in 2011 was RD$55/lb, but I remember when I came here in 2011 that I bought it for less than RD$50/lb.
But sure, chicken is the ONLY thing anyone buys with their paycheck, let's just forget about everything else that has gone up between exponentially during the last 12 years.
Why not use another product as their index, what about "Yuca Index".
In 2011 you could buy 1 lb of Yuca for around RD$5, now the Yuca is around RD$30/lb. A minimum wage worker in 2011 could buy 1516 lb of Yuca, but now less than half, 623 lb.

On the south coast, chicken in supermarkets (Sirena) is 81 pesos/lb. Local polleras are 75/lb. Yuca guy who comes locally is 20/lb, batatas 15/lb. Platanos 24 each in supermarket, 20 locally (less if you buy the whole racimo).

 

[CristoRey]

Very interesting numbers. Where do anyone buy chicken for RD$75.83/lb? In the supermarkets it's been $85 and 90, and in any local colmado it's more lika $100, so where does their number come from?
Then in the Listin Diario article they say that the price in 2011 was RD$55/lb, but I remember when I came here in 2011 that I bought it for less than RD$50/lb.
But sure, chicken is the ONLY thing anyone buys with their paycheck, let's just forget about everything else that has gone up between exponentially during the last 12 years....

Chicken was RD$ 45/ lb here when I moved to Santiago summer of 2015. It's RD$ 95/ 100 per pound at the local colmados now.

 

[AlterEgo]

Chicken was RD$ 45/ lb here when I moved to Santiago summer of 2015. It's RD$ 95/ 100 per pound at the local colmados now.

Wow I’m shocked at the price difference between Santiago and San Cristobal. Three years ago I was paying 42/lb

 

[JD Jones]

Wow I’m shocked at the price difference between Santiago and San Cristobal. Three years ago I was paying 42/lb

Surprising since many of the chicken farms of the country are located in the Cibao region.

 

[RDKNIGHT]

Continue reading...

In this photo would they consider this a free-range chicken?

 

[Jan]

But when the wages go up won't the prices increase? Thus making the chicken index all messed up.

 

[Yourmaninvegas]

Prices go up because the inputs to produce the products go up.
When you accept inflation to your currency you are allowing yourself to be robbed of your life energy.
I choose instead to take steps to preserve my wealth while still eating well.
Everyone has the option to switch to a plant based diet if they do not like paying the price for chicken...which happens to be the lowest price per pound of commonly consumed animal based protein sources.

 

[Exodusbywind]

In this photo would they consider this a free-range chicken?

Probably not from the chickens point of view.

 

[JD Jones]

But when the wages go up won't the prices increase? Thus making the chicken index all messed up.

Correct. One of the main reasons paying 30% of pensions to the people will never happen.

 

[chico bill]

Maybe they should bring back the Misery Index ?
Because since Covid and a change of presidency here things are certainly more miserable in the wallet !

 

[Yourmaninvegas]

Inflation is caused by too much money chasing too few goods.
The price of chicken may or may not have gone up in real terms.
How are we to know?
Because the money we use to buy chicken with now it worth less than it was years ago.

 

[RDKNIGHT]

Still the best deal on the island is the rotisserie chicken at Jumbo Supermarket $385 pesos Cooked no gas no clean up...lazy man Chicken

 

[Yourmaninvegas]

Still the best deal on the island is the rotisserie chicken at Jumbo Supermarket $385 pesos Cooked no gas no clean up...lazy man Chicken

Olé has a good one also.
I tear the meat off the bones. Chop it up. And use it for chicken salad.
Then I boil dem bones and make chicken broth.
It b gud.

 

[RDKNIGHT]

Olé has a good one also.
I tear the meat off the bones. Chop it up. And use it for chicken salad.
Then I boil dem bones and make chicken broth.
It b gud.

wow making soup also you are definitely getting your money's worth I actually give the bones to my Rottweiler