Venezuela is ranked #2 in the 2014 Big Mac Index at \$7.15 per Big Mac. You can see the graph here. However, Venezuela is not a very rich country, having a gross domestic product of \$11,789 per capita.
There are at least 20 McDonalds in Caracas, so there is a fairly large supply. With a small gross domestic product the quantity demanded should be smaller by high prices. Even if the market for Big Mac-like products is a monopoly in Venezuela, I still think the price shouldn't be that high.
Another thing that is remarkable is that after 2014, the price had a rapid decrease. Maybe the transformation from a monopoly market to a monopolistic competition market caused it rapid decrease in price in June 2015?
In short the questions:
- How could the price of a Big Mac be so high?
- What caused it rapid decrease in price?