The cost of living in the Russian Federation is a legislatively established value that determines the order of cost of living in our country. How has it changed in recent years?
The legislation in force in the Russian Federation establishes that under the subsistence minimum in official statistics is meant the current value of the so-called consumer basket. The latter, in turn, is a minimum set of food products, non-food items and certain services that are necessary for a citizen of the Russian Federation to ensure physical survival. Thus, we can say that the living wage is a cost estimate of the minimum acceptable standard of living in Russia.
The procedure for calculating the cost of living
Federal Law No. 134-ФЗ dated October 24, 1997 “On the Living Wage in the Russian Federation” stipulates that the living wage is established, firstly, at the national level, and secondly, separately for each subject of the Russian Federation. Moreover, Article 4 of the specified regulatory legal act determines that the all-Russian subsistence minimum is calculated on a quarterly basis. The basis for its calculations are the data of the Federal State Statistics Service on prices for basic food products, services and non-food products.
