Jesus. And I think we have it bad here.
Regular boosters are about nine dollars unless you buy in bulk, as well (then they shave about one dollar less for box-level purchases).
Oddly enough, the LGS singles market has remained fairly consistant, even if it's more expensive than in the US anyway. At the particular LGS I tend to go to, bulk rares are $3 each, most uncommons (read: not Kitchen Finks) are $1 (now creeping up to $2) and most commons are about $0.40. This is mostly because the stores have to make their money back from opening a booster pack. Top-tier cards, however, usually have really inflated prices at LGS.
I think the prices are bad because trading card games are kind of expensive to import. I remember when I went to Sao Paulo and was told that they were experiencing a drough of MTG boosters merely because the imports were completely blocked (I'm not sure how long that lasted, since I haven't asked again since then).
Heck, even playing at FNM costs each player $7 for the four promo cards plus a booster pack for every two players (or two for every three players, sometimes).
Now that you mention it, I remember when I went to Puerto Rico and played the Guildpact release event... it was a single elimination eight-man draft and I got sixteen boosters for coming in second, with the guy in first place getting a whole booster box (I didn't even realize it was single elimination until I realized everybody who lost left the place and I was in the finals), and I can tell you I was amazed by such a huge payout, and haven't seen anything like that since then.
Luckily, my LGS is fairly casual, so I can try and come up with crazy decks to play without fear of getting stomped by tier 1 decks and ending up wasting $7 per week. My modus operandi for the last ten years has been playing each set's prerelease and release events, then a draft later on, and trading whichever cards I don't need that I got there or from prize packs I win.
That's why I often tend to use singletons... there's no way I'll be "investing" in any Snapcaster Mages or the like if they cost absurd amounts of money or I have to trade half of my standard-legal collection away for a single copy.