According to “The Economists” latest Big Mac Index, Malaysia was ranked as one of the cheapest places in the world to purchase a Big Mac, McDonalds signature burger. To be more precise, Malaysia emerged as the third cheapest place to purchase the burger after India and South Africa.
The price paid for a Big Mac in Malaysia is RM 7.40 which is equivalent to USD 2.23 if it is converted using the global exchange rates. This amount is much lower when compared to the actual price of a Big Mac that is sold in the US for USD 4.62, indicating a marked 50% difference. In other words, the Big Mac sold in Malaysia is half the price of the Big Mac sold in the US.
India’s Big Mac, on the other hand, which goes by the name of “Maharaja Mac” is sold at USD 1.54, making it the lowest-priced Big Mac in the world. This is closely followed by South Africa with Big Macs at USD 2.16.
At the other extreme end, Norway emerged as the country selling the most expensive Big Mac which costs USD 7.80 or 70% more than the price of the burger when it is sold at its country of origin, the US. Other countries that sell Big Macs at ridiculously high prices include Venezuela (USD 7.15) and Switzerland (USD 7.14) where the prices of the burgers are 50% higher than in the US.
Since 1986, Britain’s “Economists” has been publishing the Big Mac Index annually. The index has proven to be quite useful in comparing the value of different countries’ currencies. The Big Mac Index keeps track of the prices of Big Macs sold around the world and converts those prices to US Dollars using global exchange rates. As a result, the local prices of Big Macs around the world can be conveniently compared to the actual price of the Big Mac that is sold in the US.
Story from: The Star
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