RE: Royal Mail Inadvertently Gave The Inflation Game Away
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Thanks for your reply ! The price of a stamp works in the UK as a measure of inflation because people can relate to it. There might be something in India that most people buy and where changes in price can easily be related to people's real circumstances. Maybe rice or bread or something.
Internationally, there has long been a "Big Mac Index" (The Economist magazine claims to have launched the idea back in 1986) which is a way to compare the purchasing power of various currencies.
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Yes a friend of mine told me that thumbrule of mac in 2003 when I first visited UK. I was a young engineer and my wife and I were so confused on how to work out the costs in UK especially for eating outside. Everything looked so exorbitant when we calculated it our buying power in INR (At that time I think might have 70inr to a pound) This thumbrule of caluclating the base as a macd burger saved my mental health :D