Measuring the cost of living worldwide

Posted March 22, 2017

NY was used as the basis for comparison.

An analysis of the cost of a basket of over 150 goods in 133 cities around the world has found that London has fallen 18 places in the global cost of living ranking to 24th this year, its lowest spot in two decades. While it was no surprise to see Singapore topping the list once again, mostly due to the city's high cost of owning a auto and its expensive clothing, the report noted that food and drink in Singapore were significantly cheaper than other ranking cities, falling closer in line with costs of living in Shanghai, ranked as the 16th most expensive city.

And while Asia is home to some of the world's most expensive cities, it is also home to numerous world's cheapest centres too.

Placing joint ninth, Copenhagen is the only other European city in the top ten, while NY is the only North American city, though it fell two places to ninth owing to a slight weakening of the dollar, said the EIU.

Half of the priciest cities were in Asia: Reigning champ Singapore topped the list for the fourth year in a row, followed by Hong Kong, Zurich, Tokyo and Osaka.

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The survey said the trend in the latest report was for a resurgence of Asian cities. Istanbul's living cost index increased by 5 points to 72 points.

Conversely, continued uncertainty from the Brexit referendum weighed on the strength of the British pound, pushing the United Kingdom cities of London (No. 24) and Manchester (No. 51, making the steepest drop of 25 places) down the ranking - with the British capital in its lowest position in 20 years. Singapore was named "the most expensive city", topping the list for its fourth consecutive year.

But the steady devaluation of the renminbi, or yuan, resulted in China's urban centres moving down the ranking by between five and 16 places each, it said. The City is now on par with Dublin and cheaper than Paris by 17%. The Danish capital, Copenhagen, which pegs its currency to the euro, also features in the ten priciest, largely owing to relatively high transport and personal care costs. Mumbai and Chennai were jointly ranked at 127 and Bengaluru at 131.

We may be the happiest and healthiest country in Asia, but we're also the most expensive city in the world.