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Economist Uses Big Mac Price Index to Analyze Inflation, Impact of Food Costs

by Joe Mueller   In addition to measuring foreign exchange rates, an economist is using the price of a hamburger to examine inflation. The Economist magazine developed the Big Mac index in 1986 as an informal way to determine the “purchasing power parity” of different countries and currencies. B. Ravikumar, senior vice president and deputy director of research at the Federal Reserve Bank of St. Louis, recently used the Big Mac index to analyze t…