According to the Worldwide Cost of Living Survey published on 15th March this year Singapore remains the world’s most expensive city. It has retained this title for the past five years. Paris, Zurich and Hong kong followed close by.
Tokyo was the most expensive city until 2013, but due to low inflation, it dropped out of the top 10 in the Economist Intelligence Unit’s bi-annual study of 133 cities.
The strengthening euro and a weaker pound caused Dublin to take over London. London has now been ranked 30th in the report. According to Slavchva, who is the author of the report, a strong euro has driven up the Cost of living in Dublin.
According to the report Britain’s cities are at their cheapest level internationally in more than 20 years, this is because, in part, due to economic uncertainty following the 2016 Brexit vote.
Seoul became the world’s 6th most expensive city and currency appreciation saw Tel Aviv rise from 34th place to 9th today.
In the research the cost of more than 400 items such as cars, food, clothing and rent were compared. A Bread loaf cost $15.60 in Seoul vs $3.9 in Copenhagen. Also wine was 4 times cheaper in Geneva than in Tel Aviv.
No US cities were in the top 10. Los Angeles ranked 14th and New York 13th, because of the weak dollar, according to the report.
New Delhi was in the ten cheapest cities worldwide, which also included Bucharest and Algiers. Also because of political instability, Damascus and Caracas featured at the bottom of the survey.
Cairo became cheaper too after floating its currency in 2016 second half. Tashkent the Uzbek capital became much cheaper after its currency almost halved in one day, after being allowed to float freely in 2017.
