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The Big Mac index is famous in economics. The Economist elaborates it to visualize in a very simple but effective way, from a product with almost worldwide presence, the behavior of the different national currencies.
Something similar happens now with the iPhone. Although buying it is not available to all pockets like eating a hamburger, its prices are adapted to the reality of the different countries in which it is sold. And when crossing it, for example, with the average salary of each one of them, its results are always interesting.
Apple has presented this week its new models for the iPhone and updated their prices. In Spain, for example, the Iphone 11 Pro 64GB will go on sale for 1,149 euros. This price, crossed with the average salary in our country -according to the INE, of 1,549.83 euros-, shows that it is necessary to dedicate 15.7 whole days of salary to buy one.
And when we say 15.7 whole days, we mean whole. That is, without paying attention to any other expenses, such as rent, electricity or even eating. Everything that is entered raw, come on. A figure much higher than the 4.8 days that the Swiss have to dedicate, or the 5.8 days of the Americans, but much less than the 54.2 days of the Mexicans , the worst of this particular ranking that the annual Picodi company analysis team.
Apple, in this week's presentation, surprised with a basic iPhone 11 cheaper than its predecessor and setting prices for higher models not much more expensive than its old versions. With this strategy, the apple company seeks to rekindle phone sales after the warm reception of its latest launch.
This moderation of prices of the iPhone 11, together with the also warm recovery of wages in Spain has made this year the iPhone index reflects a lower wage effort when buying one of these phones. Specifically, with model 11, you need 1.1 whole days of salary less than with X. Or, similarly, 1.1 days less without eating than before.
The rise of the Minimum Interprofessional Salary (SMI) to 900 euros has partly encouraged this correction, although a whole monthly payment of the SMI is still not enough to buy one of these phones.
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