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Big Macs now cost FIVE POUNDS ( $7.50 U.S.) each in Switzerland... and that doesn't include fries and a drink

Friday, January 23, 2015 15:42

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Hard to swallow: Big Macs now cost FIVE POUNDS each in Switzerland… and that doesn’t include fries and a drink

Big Mac index tests the relative price of currencies around the world
Swiss franc remains the most expensive, according to the index
The iconic burger now costs the equivalent of nearly $8 there, £5 in sterling
Norway’s currency is the second most expensive, followed by Denmark
Swiss currency is soaring after central bank removed Euro cap last week

It’s lucky most visitors to this week’s Davos conference are billionaires – because Switzerland has been named the most expensive place in the world to buy a Big Mac.

The famous burgers cost 6.50 Swiss francs in the Alpine country – that works out at more than £5 ($7.50) for the McDonald’s sandwich alone.

Norway has the second most expensive Big Mac in the world at £4.40($6.50), followed by Denmark, Brazil and the US, according to the so-called Big Mac index.

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A Big Mac in Switzerland now costs the equivalent of nearly $8 – around £5 in British money, it emerged today

The index was created by The Economist magazine in 1986 as a way of comparing the relative values of different currencies.

By comparing a product which is almost perfectly identical and on sale around the world, experts hoped to show the ‘purchasing power’ of each nation’s money.

The price of Big Macs is compared against the standard US price for the product – which is currently $4.79, about £3.19 in sterling.

The relative price of the iconic burger in Britain – now £2.69 in sterling – has fallen compared to other currencies in recent months.

Meanwhile in Russia – whose currency has plummeted amid a fall in the price of oil and sanctions over the annexation of Crimea – Big Macs are cheaper than ever.

Consumers in Vladimir Putin’s country can now pick one of the burgers for the equivalent of $1.36 – just 91p, which is cheaper than a basic McDonald’s hamburger in the UK.

Travelex explains The Big Mac Index created by The Economist

A fall in the rouble means Russia is one of the cheapest places to buy the burgers – which cost just 91p there

The prolonged crisis in the Eurozone means the relative cost of a Big Mac on the Continent has also fallen in recent months and is now worth $4.26, or £2.84.

The index’s latest results were released as business and political leaders gathered in Davos, Switzerland for the annual meeting of the World Economic Forum (WEF).

Switzerland’s Big Mac price has risen in the last six months and looks set to increase further as the country’s currency continues to boom.

The Swiss franc rose nearly 30 per cent to 0.81 against the euro last week following the Swiss National Bank’s decision to remove a three-year-old cap of 1.20 francs per euro.

It means Swiss ski resorts are being forced to cut prices by up to 20 per cent in a desperate bid to lure back holidaymakers.

The currency surge means a British visitor now has to pay £80 more for their week-long lift pass bringing the total to £380, while a single day pass went up to around £60.

The cost of enjoying just a small glass of beer while taking in the majestic view of the Matterhorn mountain jumped by around £1.30 to £4.60.

The Big Mac was chosen for the ‘purchasing power’ index because it is almost identical around the world (pictured: A McDonald’s in Bangkok, Thailand)

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Source: http://nesaranews.blogspot.com/2015/01/big-macs-now-cost-five-pounds-750-us.html

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