The so-called Big Mac index is regarded as an indicator for the purchasing power of an economy. The average price for a Big Mac burger in Colombia was estimated at 5.09 U.S. dollars in January 2024. Colombia price for a Big Mac is among the four highest in Latin America.
Big Mac Index
The Bic Mac index has been published annually by The Economist since 1986 and is rated as a simplified indicator of a country’s individual purchasing power. As many countries have different currencies, the standardized Big Mac prices are calculated by converting the average national Big Mac prices with the latest exchange rate to U.S. dollars.
The Big Mac, as the top-selling McDonald’s burger, is used for comparison because it is available in almost every country and manufactured in a standardized size, composition and quality. McDonald’s is a worldwide operating fast food restaurant chain with headquarters in Oak Brook, Illinois. In Latin America, McDonald's largest franchisee is Arcos Dorados Holdings, with headquarters in Montevideo, Uruguay.
Inflation in Colombia
Over the past two decades, Colombia has generally seen a decline in the inflation rate, with a small upward trend as of 2023, reaching 11.39 percent. However, there are forecasts indicating a steady decline in the inflation rate for the next five years. In the year 2023, the annual inflation rate has been higher compared to previous years, particularly in the sectors of restaurants and hotels, which recorded an inflation rate of 18.6 percent, and in the basics of the food basket, including food and non-alcoholic beverages, with an inflation rate of 18.47 percent. This has placed Colombia at the seventh position among Latin American countries with the highest annual inflation rate in comparison to previous years as of 2022.
FAQs
A recent report by USA Today used survey information compiled by a team of reporters in 18 markets across the country to compare prices over the past 10 years. The survey found that an average medium Big Mac meal has risen in price from $5.69 in 2014 to $9.72 in 2024, an increase of about 70%.
How much was a Big Mac in 2024? ›
A recent report by USA Today used survey information compiled by a team of reporters in 18 markets across the country to compare prices over the past 10 years. The survey found that an average medium Big Mac meal has risen in price from $5.69 in 2014 to $9.72 in 2024, an increase of about 70%.
How many Colombian pesos for a Big Mac? ›
Practical examples of the Big Mac Index
In December 2022, a Big Mac cost 18,900 pesos in Colombia and $5.36 in the United States. This resulted in an implicit exchange rate of 3,526 pesos per dollar.
What is the Big Mac index in Argentina 2024? ›
In January 2024, it was estimated that a Big Mac burger in Argentina would cost an average of 3.83 U.S. dollars. Overall, Argentina ranked second with one of the lowest prices for a Big Mac in selected Latin American countries.
Which country has the highest Big Mac index? ›
At 8.17 U.S. dollars, Switzerland has the most expensive Big Macs in the world, according to the January 2024 Big Mac index. Concurrently the cost of a Big Mac was 5.69 dollars in the U.S., and 5.87 U.S. dollars in the Euro area.
How much is a Big Mac in South Africa 2024? ›
Using the 'raw' direct conversion data, a Big Mac costs R51. 90 rand in South Africa (up from R49.
How much is a Big Mac in Colombia? ›
The average price for a Big Mac burger in Colombia was estimated at 5.09 U.S. dollars in January 2024. Colombia price for a Big Mac is among the four highest in Latin America.
Is 50 dollars a lot of money in Colombia? ›
At the current exchange rate, $50 is the equivalent of around 150,000 COP, so you have a fairly generous budget that should allow you to sleep, eat and see plenty of the sights.
How much money do you need to live comfortably in Colombia? ›
Cost of Living in Colombia
In terms of living costs, one person ideally needs a minimum of 673 USD per month to live comfortably in Colombia. In bigger cities Bogotá and Medellín, the rates are higher at 815 USD per month and 821 USD per month, respectively.
What is the Big Mac index in Costa Rica? ›
The so-called Big Mac index is regarded as an indicator for the purchasing power of an economy. In Costa Rica, the average price for a Big Mac burger was estimated at 5.71 U.S. dollars in January 2024. Costa Rica price for a Big Mac is among the highest in Latin America, only behind Uruguay.
24. Big Mac will be priced at ¥480, a ¥30 increase. Double Cheeseburger will be priced at ¥430, while Teriyaki MacBurger will be ¥400.
How much is a Big Mac in Arizona? ›
Prices in metro Phoenix tend to be lower than in northern Arizona. In the far West Valley (Goodyear, Avondale, Litchfield Park) Big Macs go for $6.49, the same as in Gilbert and south Chandler. The price ranges from $6.19 to $6.29 in Scottsdale and $5.79 to $5.99 in Mesa, all according to Pantry and Larder.
What country invented the Big Mac? ›
It was introduced in the Greater Pittsburgh area in 1967 and across the United States in 1968. It is one of the company's flagship products and signature dishes.
How much did a Big Mac used to cost? ›
The Big Mac debuted at the McDonald's owned by Delligatti in Uniontown, Pennsylvania, on April 22, 1967, selling for US$0.45 (equivalent to $4.11 in 2023). It was designed to compete with Big Boy Restaurants' Big Boy hamburger. Eat'n Park was the Pittsburgh area's Big Boy franchisee at the time.
How much did a Big Mac cost in 2014? ›
The iconic Big Mac, a staple of McDonald's menus, has seen its average price rise by 50% in the last 10 years — from $3.99 in 2014 to $5.99 today.
What is the current cost of a Big Mac? ›
Erlinger said the average cost of a Big Mac is now $5.29, up 21% from $4.39 in 2019. McDonald's menu prices "remain well within the range of other quick service restaurants," added.
How much was a Big Mac in 2000? ›
The Big Mac entered the 2000s with an average price of $2.24, according the The Economist's Big Mac Index. As the years progressed, the cost of this item steadily increased to $2.35 in March 2002, $2.58 in May 2005, and $3.21 in May 2008.
