Azerbaijan Occupies 18th Place in Ranking of Countries in Big-Mac Index

Business Materials 13 December 2007 16:11 (UTC +04:00)

Azerbaijan, Baku /corr. Trend U.Ismaylova / Azerbaijan occupies the 18th place in the ranking of the countries according to the index of Big-Mac stated by Gubad Ibadoglu, the Head of Economic Studies Center, on 13 December at a press-conference.

"The prices of the foodstuffs in Azerbaijan is relevant to the prices in the USA and makes up 8%," Ibadoglu said.

Index of Big-Mac is an unofficial ways to determine the parity of the consumer capacity. The experts use Big-Mac as an etalon for two reasons: McDonald's is being represented in many countries and the Big-Mac contains foodstuffs (bread, meat and vegetable). The price of Big-Mac in Azerbaijan is $2,95. According to Ibadoglu, the top 3 of the rating after the USA includes Russia - $1.85, Great Britain - $3.39, European zone - $3.82.

The cost of a Big-Mac in the USA totals $3.22. Turkey is the only country that corresponds to the index of Big-Mac ($3.22).