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The combination of rising prices and a rising currency threatens to move American prices out of whack with those elsewhere in the world.
不断上涨的物价和不断升值的货币可能会让美国的物价与世界其他地方的物价脱节。
Two years ago, for example, the Big Mac was 26% cheaper in Japan than America.
举例来说，两年前，日本的巨无霸汉堡比美国便宜26%。
In principle, this suggests the yen was undervalued and should have risen against the dollar.
原则上来说，这表明日元被低估了，应该对美元升值。
In fact, the opposite occurred.
但事实恰恰相反。
A Big Mac is now more than 40% cheaper in Japan.
现在，日本巨无霸汉堡的价格要比美国便宜40%以上。
There are exceptions where the theory of purchasing-power parity has held.
购买力平价理论也有例外。
Although Argentina's peso has fallen against the dollar, prices in the country have risen even faster.
尽管阿根廷比索兑美元汇率下跌，但该国物价上涨的速度更快。
A Big Mac now costs the equivalent of $5.31.
现在，阿根廷一个巨无霸的价格相当于5.31美元。
That is high compared with the price two years ago and also compared with today's price in Brazil ($4.44).
这一价格与两年前相比很高，与巴西目前的巨无霸价格（4.44美元）相比也是如此。
If the two Latin American countries were to form a currency union at today's exchange rate, Argentina would find itself at a hefty competitive disadvantage.
如果这两个拉美国家以目前的汇率组成一个货币联盟，阿根廷将在竞争中处于严重劣势。
It would be almost 20% more expensive than its larger neighbour, at least judging by burger prices.
至少从汉堡的价格来看，它比它更大的邻居贵近20%。
The Economist has been making comparisons of this kind since 1986.
自1986年以来，《经济学人》一直在进行这样的比较。
Converting Big Mac prices into dollars always reveals big differences in the cost of the same burger in different countries.
将巨无霸的价格换算成美元，总能揭示同一款汉堡在不同国家巨大的价格差异。
One measure of the “fair value” of a currency is the exchange rate that would eliminate these gaps.
衡量一种货币“公允价值”的一个指标是用于消除物价水平差距的汇率。
But, of course, exchange rates are not the only thing that can adjust.
但当然，汇率并不是唯一的调整因素。
Prices can also rise faster in one country than another.
一个国家的物价上涨速度也可能快于另一个国家。
In the long era of low inflation, this was not where the action was.
在长期的低通胀时代，这不是采取行动的地方。
Over the past two years, prices have been on the move in many countries.
过去的两年里，许多国家的房价一直在上涨。
Unfortunately, these bouts of inflation have done little to move burger prices closer together.
不幸的是，这几轮通胀在平衡汉堡价格方面收效甚微。
