This has led to a situation whereby the country has one of the most expensive Big Macs in the world while also undergoing an economic crisis.ДЄfter Venezuela, rich countries dominated the list for most expensive Big Macs, with Switzerland ($7.04), Norway ($6.30), Sweden ($6.20) and the US ($5.65) rounding out the top five slots. With the South American countryвЂ™s currency crashing, the purchasing power of the bolivar for foreign goods has collapsed and led to food scarcity. Double Big MacВ® You canвЂ™t miss this Tuck into four 100 Irish beef patties, a slice of cheese, lettuce, onion and pickles and the unbeatable, tasty Big MacВ® sauce. The Economist notes this in its index, putting the overvaluation at 47.4 percent. This hyperinflation has led to a situation whereby the bolivarвЂ™s purchasing power has crashed, but its exchange rate has not kept pace, leading to currency overvaluation against the dollar. In early 2018, the countryвЂ™s central bank decided to devalue the Venezuelan bolivar by 99 percent in a move to counter the countryвЂ™s rampant hyperinflation.

Venezuela has also been undergoing an economic crisis in recent years.

On the opposite end of the spectrum, the price of a Big Mac in Venezuela is $8.35, according to the index. Even at an artificially low price, a Big Mac is small consolation,вЂќ The Economist said. вЂњLebanonвЂ™s currency chaos is both a reflection of its economic disaster and a contributor to it. This disparity is a key contributor to LebanonвЂ™s placement on the index. Importers can, for example, purchase wheat an exchange rate of 1,500 pounds to the dollar, or cheese at 3,900 pounds. The Economist noted that an important reason for this disparity is because of the favorable subsidized rates that Lebanese importers can take advantage of to purchase foodstuffs. Black market exchange rates in Lebanon of 22,000 pounds to the dollar would place the purchasing cost of a Big Mac at just $1.68. However, because the currency has collapsed even more dramatically than this price rise, The EconomistвЂ™s index places it as the cheapest. The price of a Big Mac in Lebanon has increased dramatically to 37,000 Lebanese pounds as the country suffers an ongoing economic crisis.

Cost of a big mac in ireland