I think Red_Sunshine is referring to both compared to the CPI. Since 1980 the CPI has risen 355%, while the minimum wage has risen 233% and the big mac has risen 1600%. So the price of a big mac has outpaced CPI by a factor of nearly 5 while wages have underpaced by factor 0.66.
Damn, I would have expected it to be something that stuck close to the average inflation of all consumer products (CPI, I guess). Like that graph would be completely expected if we were talking about housing, but not a burger.
I think Red_Sunshine is referring to both compared to the CPI. Since 1980 the CPI has risen 355%, while the minimum wage has risen 233% and the big mac has risen 1600%. So the price of a big mac has outpaced CPI by a factor of nearly 5 while wages have underpaced by factor 0.66.
For visual learners:
Damn, I would have expected it to be something that stuck close to the average inflation of all consumer products (CPI, I guess). Like that graph would be completely expected if we were talking about housing, but not a burger.
What’s a product that has stuck close to CPI?
Does it show monopoly pricing, as well, maybe?