![]() ![]() And of course, there has been quite some reporting last year that Italians are reducing their spending on food. Of course, one may argue that the Big Mac is a very special kind of food in the land of Pasta & Chianti. ![]() Of course, you may just as well say that Germany was undervalued… but then, the adjustment in Germany seems to go in the right direction but not in Italy in these last one and a half years. Or to put it in percentages, in July 2011, Italy was overvalued by 2.9% while in January 2013, it was overvalued by 5.7% relative to Germany. A Big Mac costs €3.85, while it costs only €3.6 in France and 3.64 in Germany. ![]() In fact, the Big Mac tells us that Italy is the most expensive place in the euro area. ![]()
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