The US dollar exchange rate based on a Hawaiian pizza

ONE of our good customers called the other day while on a lovely holiday in Hawaii. A part of the conversation touched on the snake that is, evidently, always found in paradise. From the conversation, I could understand that the price level on the beautiful islands is extremely high. A Hawaiian pizza costs approximately P1,500, which was at least what our good customer paid for the pizza, and the experience led to a conversation on whether the US dollar was priced right.

Using Hawaiian pizza as a basis for evaluating exchange rates is a direct competition with the well-known Big Mac index from The Economist. I would almost call it controversial if one introduces a new "pizza standard" as a competitor.