We pay 20% less for a Big Mac burger

Consumers in the UAE are a pampered lot. For proof, look no further than the Big Mac index, a light-hearted attempt to gauge how far currencies are from their fair value.

According to the index, in dollar terms, UAE consumers pay $2.99 (Dh11) for a Big Mac whereas the parity price - the price of a Big Mac in the US - is $3.73, making the burger 20 per cent cheaper in this country than the fair-value benchmark.

The basket, put together by The Economist magazine, consists of a single item, a Big Mac hamburger, which is produced in nearly 120 countries.

According to the index, Ukraine is the cheapest place to enjoy a burger, with McDonald's charging just 14.5 hryvnia ($1.84) for a Big Mac there. Overall, however, Asian countries dominate the list of destinations for enjoying a cheap bite.

Sri Lanka ($1.86), Hong Kong ($1.90) and China ($1.95) are among the few countries in the world where a Big Mac costs under $2.

On the other hand, Europe is on of the most expensive places to go feasting, with a Big Mac costing 45 kroner ($7.20) in Norway, more than twice of what it costs in the UAE and almost four times of what it costs in Ukraine.
 

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