Introducing the $7.76 Big Mac

July 24, 2014: 5:26 PM ET
big mac costs
NEW YORK (CNNMoney)

Would you pay $7 for a Big Mac?

If you took your U.S. dollars to Norway, that's how deep the exchange rate would set you back. There, a McDonald's (MCD) Big Mac costs 48 Norwegian kroner, which translates to $7.76 in U.S. dollars.

That makes the krone the most "puffed-up currency" in The Economist's iconic Big Mac index. The magazine created the unofficial economic indicator in 1986 as a lighthearted way to compare currencies and buying power around the world.

According to its latest iteration of the index, released Thursday, Norway's currency is overvalued. There, you pay 62% more than you would in the United States, to get essentially the same product.

Related: McDonald's stands by rotten meat supplier

So which country has the cheapest Big Mac? It used to be India with it's Big Mac substitute, the Maharaja Mac -- a chicken sandwich. This year though, Ukraine takes that distinction, as political turmoil depresses the value of its currency. There, you can buy a Big Mac for just $1.63, once you transfer your dollars into hryvnia.

China food fails

As for the average price in the United States, those two all-beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun, cost $4.80 these days.

In China, a Big Mac will set you back $2.73, whereas in Brazil, it's $5.86.

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