The Economist has recently released its latest Big Mac Index, where Norway still reigns supreme with the most expensive burger around. When I was in Oslo a few months ago I tried desperately to get my hands on one of these must be better than average, almost $7 burgers, but to no avail. When hunger struck there was no McDonald’s in sight, and I ended up eating at Burger King instead. Clearly not quite the same…
More important than my failed expensive burger eating attempt is what the new rankings show about US-China relations… in particular over the small matter of yuan appreciation. According to the Economist‘s findings, “the yuan is 49% below its fair-value benchmark with the dollar.” Whether that’s enough for Tim Geithner and the US Treasury to label it a currency manipulator this coming mid-April is yet to be seen.
The rankings also show how strong the commodities-backed Australian and Canadian dollars have become. Here are the rest of the top and bottom five Big Mac Index countries with their respective burger prices:
See the graphic, complete list, and more details at The Economist’s coverage of how the Big Mac index shows the Chinese yuan is still undervalued.
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