Adjusting data increases gapĮven adjusting the data for GDP per person (i.e. Using this Icelandic reference, the study would conclude that – in terms of raw data – the Icelandic króna is over-valued to the tune of 59% as compared to the dollar and a massive 88% as compared to the euro. That is, $7.63 at today’s exchange rate – by some margin the most expensive in the world. McDonald’s is not present on the Icelandic market, but a comparable burger (the Heimsborgarinn sold by Metro) costs ISK 1,039. In Switzerland, it is as high as $6.82, while fast-food lovers in Venezuela can get a Big Mac for just $0.67. For instance, the average price of a Big Mac in America in July 2015 is $4.79. The index is built by comparing the price of a Big Mac around the world to a base currency, e.g.
“Burgernomics was never intended as a precise gauge of currency misalignment, reads a recent The Economist article, “ but has become a global standard.” Icelandic burger most expensive in world
The Big Mac was invented as a light-hearted purchasing-power comparison index by The Economist in 1986 using the famous McDonald’s burger as a gauge. Fans of the famous ‘Big Mac index’ may be interested to know that latest figures suggest that the Icelandic króna may be the most over-valued currency on the planet.
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