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The increased demand
for pounds (in order to purchase these goods) will push its price up relative to the dollar, and the increased supply of this basket of goods will push its price down, to the point where PPP is achieved.
Expressed mathematically, that point is:
P(i,t) = S(t) x P*(i,t), where
S(t) = the current exchange rate (the domestic price of foreign
exchange)
P(i,t) = the current domestic currency price of commodity i
P*(i,t) = the current foreign currency price of commodity i
At its simplest formulation, PPP is also called the law of one price (LOP)...
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This formulation contains several caveats. First, LOP assumes that there are no transaction costs involved in buying a commodity in one market and selling it in another. Obviously, in a situation involving substantial transaction costs relative to the cost of the commodity in question, LOP will be empirically meaningless...
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