Additionally, take a look at what you buy normally and analyze what has risen in price the most, and consider cutting back on those items. If you regularly shop at a higher-end grocery store, it may be helpful to transition to a more budget-conscious store, or even consider buying in bulk.
But with rising inflation, you may be pressed to unfortunately spend more on the same purchases you'd normally make.
It may be better to invest this money instead, in index funds for example, where you may get a better return over the long run. Racca told Select, "if you created an emergency savings fund before the pandemic, consider using some of that money towards your expenses." So for the time being, you may consider taking some money out of your emergency fund or not making the same monthly contributions. This suggestion is a bit more risky as it can throw off your monthly budget and should be done in moderation.
#COST OF A BIG MAC IN LIBYA HOW TO#
Thomas Racca, manager on the Personal Finance Team at Navy Federal Credit Union told Select a few ways on how everyone can easily fight against inflation on daily purchases, and how to stay on track to accomplish larger financial goals. Simple ways you can battle inflation of goods However, there are steps everyone can take to control how inflation impacts your wallet. So if you're craving a Big Mac, fries and soda, you'll now be paying between $8-10, depending on where you live. Unfortunately, there's nothing we can do to control inflation. For context, a 'healthy' rate of inflation is generally 2-3% year-over-year. And in the last year, the Big Mac sandwich is up an identical 7%. So what does all of this data mean to you? Well it's no surprise, life has become increasingly expensive. Other goods and services have mirrored the same trend over the last decade, including: raw food price index is up a modest 7%Īnd this trend of consumer goods skyrocketing in price is not only a Big Mac trend. The Consumer Price Index has gone up 22%.Here's how other items and economic factors have fared during the last decade: The burger now costs an average of $6.05 in the U.S., a 40% increase over the last 10 years.
And in some cases, the sandwich is rising in price faster than several economic measurements. “The wage increase in 2015 - to be a $1 above the local minimum wage - was applicable to the local wages on July 1, 2015, but was not a policy thereafter,” the fast food chain said in a statement.Without diving deep into economic theory, the Big Mac index is noteworthy as it demonstrates the staggering inflation we're experiencing. As a result, the company said, they would make an average of $10 an hour.īut three years later, Fight for 15 accused McDonald’s of lying to workers and released pay stubs showing that workers in eight different cities were making between 40 and 70 cents above their local minimum. In April 2015, McDonald’s announced that it would implement a wage increase for 90,000 workers at its 1,500 company-owned restaurants in the U.S the chain said that as of 1 July of that year, employees would earn at least $1 more than the local minimum wage. We contacted McDonald’s seeking comment, but the restaurant chain has yet to respond. Web sites like and, which aggregate companies’ salary information, reported that the average salary for a McDonald’s employee is around $9 per hour. Department of Labor, 29 states currently have minimum wages higher than the federal standard of $7.25 an hour. For its part, the Australian government’s Fair Work Ombudsman states that the minimum wage there is $18.29 Australian, equivalent to $13.64 American dollars.Īccording to the U.S. However, a French government states on its web site that the country’s minimum wage is 9.88 Euro, equivalent to $11.71 U.S. The group also based its findings on a Wikipedia page listing minimum wages in 193 countries. Fight for 15, which has campaigned for the company to both institute a minimum wage of $15 per hour across the board and allow workers to unionize, also noted that it based its Big Mac prices on the “Big Mac index,” a currency-comparison guide published by The Economist compiling average prices for the burger at McDonald’s locations in various countries to “make exchange-rate theory more digestible” for readers.
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