Economist Intelligence Unit (EIU) released Worldwide Cost of Living Report 2016 on 10 March 2016. According to the report, Mumbai and Bangalore are among the cheapest cities in the world.
EIU ranked Singapore as the priciest city ahead of Zurich, Hong Kong, Geneva and Paris.
Other highlights of the report
• India and Pakistan accounted for five of the 10 least expensive cities in the world.
• London was sixth and New York seventh on the list that compares the cost of a basket of goods across 133 cities.
• The cheapest were Lusaka, the capital of Zambia, followed by Bangalore and Mumbai.
• All 16 of the survey’s US cities moved up the ranking by at least 15 places, and New York featured among the world’s ten most expensive cities for the first time in 14 years.
• Singapore retains the top spot but is 10% less expensive compared to New York than the previous year.
• London has climbed six places to join four other European cities in the top ten.
• Russia saw the biggest decrease over the last year, with St Petersburg and Moscow tumbling 51 and 63 places down the ranking respectively, reflecting a 40% decline in living costs over the previous year.
The expense of cities is tabled by comparing them to the cost of living in New York. Although Singapore was the most expensive, the cost of living there was 10 percent cheaper when compared to New York than was the case in the EIU survey a year ago.
About the Economist Intelligence Unit
The Economist Intelligence Unit helps business leaders prepare for opportunity, empowering them to act with confidence when making strategic decisions.
The Worldwide Cost of Living survey is released twice a year by the EIU. It compares more than 400 individual prices across 160 products and services in 131 cities, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.
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When: 10 March 2016