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New Delhi, Mumbai among world's cheapest cities | Reuters
(Reuters) - The cost of living the
Australian dream has surged with
Sydney and Melbourne among the five
most expensive cities in the world,
outstripping most European and U.S.
locations, according to an annual survey released on Monday.
Asia and Australasia account for 11 of the
world's top 20 most expensive cities, with eight
from Europe and one from South America, the
Economist Intelligence Unit's (EIU) worldwide
cost of living index found. No North American
cities featured in the top 20. This compared to a decade ago when there were
six Asian cities, 10 European cities and four U.S.
cities in the top 20 of the list that calculates living
costs in 131 cities in 93 countries and is used by
companies for costings when relocating staff. But while Asia and Australasia is home to 11 of
the 20 most expensive cities, the region is also
home to six of the 10 cheapest. Mumbai and Karachi were the joint cheapest
locations in the survey followed by New Delhi,
the Nepalese capital of Kathmandu and Algerian
capital of Algiers. Rounding out the bottom 10 were Bucharest in
Romania, Colombo in Sri Lanka, Panama City,
Jeddah in Saudi Arabia, and Iranian capital
Tehran. Referring to India and its forecasts for growth,
the EIU said: "Income inequality means that
household spending levels are low on a per
capita basis, which has kept prices down,
especially by Western standards." In the 2013 survey, Tokyo reclaimed the title as
the world's most expensive city. Currency
swings pushed Zurich into the No.1 position last
year but government exchange rate controls
have driven the Swiss city back to No.7 in the list. Osaka in Japan was ranked the second most
expensive. Jon Copestake, editor of the EIU Worldwide Cost
of Living Index, said one of the most notable
changes was the rising costs in Australia, with
Sydney third in the list and Melbourne fifth.
Sandwiched between them was Oslo in Norway. "Ten years ago there were no Australian cities in
the top 50 most expensive cities and I have not
seen this sort of climb with any other cities,"
Copestake told Reuters. "But economic growth has supported inflation
and the strength of the Australian dollar against
other currencies besides the U.S. dollar has driven
up costs. Visitors will certainly feel the difference
and people living there will have noticed prices
have crept up." RISING ASIA COSTS The survey is based on costs of over 160 items
ranging from food and clothing, to domestic help,
transport and utilities. Copestake said the return of Tokyo to top of the
list came as no great surprise as the Japanese
capital had steep real estate costs and rents, as
well as high wages fuelling prices. Since 1992 Tokyo has been the top-ranking city
in every year bar six when Zurich, Paris and Oslo
claimed the No.1 spot. Also featured in the 2013 top 10 were Singapore,
Zurich, Paris, the Venezuelan capital of Caracas
and Geneva. Copestake said fears over economic austerity and
the stability of the euro had pushed the index of
euro zone cities down in the past year while the
inclusion of Caracas was due to artificially high
exchange rate controls. Although no North American cities feature in the
top 20, the EIU said the cost of living in New York
had risen relative to other places in the United
States. It shares 27th position as the most
expensive U.S. city with Los Angeles. The Canadian city of Vancouver remains the most
expensive location in North America, ranked 21st
in the index.
(Reuters) - The cost of living the
Australian dream has surged with
Sydney and Melbourne among the five
most expensive cities in the world,
outstripping most European and U.S.
locations, according to an annual survey released on Monday.
Asia and Australasia account for 11 of the
world's top 20 most expensive cities, with eight
from Europe and one from South America, the
Economist Intelligence Unit's (EIU) worldwide
cost of living index found. No North American
cities featured in the top 20. This compared to a decade ago when there were
six Asian cities, 10 European cities and four U.S.
cities in the top 20 of the list that calculates living
costs in 131 cities in 93 countries and is used by
companies for costings when relocating staff. But while Asia and Australasia is home to 11 of
the 20 most expensive cities, the region is also
home to six of the 10 cheapest. Mumbai and Karachi were the joint cheapest
locations in the survey followed by New Delhi,
the Nepalese capital of Kathmandu and Algerian
capital of Algiers. Rounding out the bottom 10 were Bucharest in
Romania, Colombo in Sri Lanka, Panama City,
Jeddah in Saudi Arabia, and Iranian capital
Tehran. Referring to India and its forecasts for growth,
the EIU said: "Income inequality means that
household spending levels are low on a per
capita basis, which has kept prices down,
especially by Western standards." In the 2013 survey, Tokyo reclaimed the title as
the world's most expensive city. Currency
swings pushed Zurich into the No.1 position last
year but government exchange rate controls
have driven the Swiss city back to No.7 in the list. Osaka in Japan was ranked the second most
expensive. Jon Copestake, editor of the EIU Worldwide Cost
of Living Index, said one of the most notable
changes was the rising costs in Australia, with
Sydney third in the list and Melbourne fifth.
Sandwiched between them was Oslo in Norway. "Ten years ago there were no Australian cities in
the top 50 most expensive cities and I have not
seen this sort of climb with any other cities,"
Copestake told Reuters. "But economic growth has supported inflation
and the strength of the Australian dollar against
other currencies besides the U.S. dollar has driven
up costs. Visitors will certainly feel the difference
and people living there will have noticed prices
have crept up." RISING ASIA COSTS The survey is based on costs of over 160 items
ranging from food and clothing, to domestic help,
transport and utilities. Copestake said the return of Tokyo to top of the
list came as no great surprise as the Japanese
capital had steep real estate costs and rents, as
well as high wages fuelling prices. Since 1992 Tokyo has been the top-ranking city
in every year bar six when Zurich, Paris and Oslo
claimed the No.1 spot. Also featured in the 2013 top 10 were Singapore,
Zurich, Paris, the Venezuelan capital of Caracas
and Geneva. Copestake said fears over economic austerity and
the stability of the euro had pushed the index of
euro zone cities down in the past year while the
inclusion of Caracas was due to artificially high
exchange rate controls. Although no North American cities feature in the
top 20, the EIU said the cost of living in New York
had risen relative to other places in the United
States. It shares 27th position as the most
expensive U.S. city with Los Angeles. The Canadian city of Vancouver remains the most
expensive location in North America, ranked 21st
in the index.
bollywood stars infested Mumbai
