Purchasing power of burgers
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|Cologne, May 27 dpa - The U.S. dollar is
undervalued against the Deutsch-mark based on how many "Big Mac" hamburger sandwiches the two currencies
can purchase, said one of Germany's leading institutes.The Institute of the German Economy (IW) in Cologne
noted that the popular sandwich by the McDonald's restaurant chain is increasingly being used by economists
around the world as a measure of currencies' relative purchasing power.The institute said that currency
exchange rates are often unreliable as an instrument to measure purchasing power. At the same time,
"baskets" of products used to arrive at comparative purchasing power are complicated to compile.A simple
alternative, now that McDonald's has spread to virtually every country on earth, has become to look at what
a Big Mac costs, the IW said."A particularly hungry American can buy five Big Macs for 11 dollars. If he
exchanged the money into Deutsch-marks, his 18 marks in Germany can just barely obtain four Big Macs," the
IW said.Conclusion: based on the Big Mac index, the dollar is undervalued, the institute said.Americans can
get their best Big Mac buy these days in Moscow, where one sandwich costs only about 59 cents.But Russians
must "work nearly two days in order to afford this meaty capitalist achievement - longer than people in any
other country", the IW said.
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