Israel ranks second in the world in food costliness - according to The Economist's Big Mac index

Israel ranked second in the world in food costliness according to The Economist's Big Mac index. Switzerland is first. In Israel, a Big Mac costs $7.67, in the US $6.22, and in Taiwan $2.42. Reasons: sharp rise in local price and strength of the shekel.

Israel ranked second in the world in food costliness, according to The Economist's Big Mac index published on Friday. Switzerland ranked first. The index, launched in September 1986, compares the price of a Big Mac across countries: the local price is divided by the dollar exchange rate. In Israel, a Big Mac costs $7.67, in the US $6.22, and in Taiwan $2.42. In January, the price of the burger in Israel was 20 shekels, equivalent to $6.36, indicating that the shekel was priced about 4% above its fair value. In February, McDonald's Israel raised the price by 15% to 23 shekels, and with the help of the strong shekel, the price climbed above Norway, Denmark, and Sweden. Key drivers: sharp rise in local price and currency strength. In the past, in May 1997, Israel ranked third, and in January 2001, first. The Finance Ministry refused to provide data for about three years. In the previous ranking in January, Israel ranked eighth.