Paris, Singapore, Hong Kong rank as world's priciest cities

3 Indian Cities Among Cheapest To Live In Says Cost Of Living Survey

3 Indian Cities Among Cheapest To Live In Says Cost Of Living Survey

Meanwhile, Paris, Singapore, New York, Los Angeles and Hong Kong are the world's most expensive cities for travellers to visit and expatriates to live in, according to a new survey of more than 100 cities around the world.

As Tamara Hardingham-Gill reports for CNN, the ranking was compiled by the Economist Intelligence Unit, part of the sister company of the Economist newspaper. Using New York as a benchmark, it determines whether prices for these items have gone up or down.

Aimed at the business community, the EIU survey is created to help companies calculate cost-of-living allowances and build compensation packages for expatriates and travellers.

Paris - where the high cost of living has been one of the factors behind weeks of violent protests by Yellow Vest demonstrators - has ranked among the top 10 most expensive cities since 2003, with only transport and alcohol offering value for money compared to other European cities.

The top 10 list was dominated by Asian and European cities, with Osaka and Seoul in joint 5th and joint 7th places respectively, and Zurich (4th), Geneva (joint 5th) and Copenhagen (joint 7th) also in the elite club. All but two USA cities surveyed by the researchers rose in the rankings-due to "continued strong United States economic growth and steady monetary policy tightening by the Federal Reserve"-but only NY and Los Angeles made it into the top ten".

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In other high-ranking cities, people were spending top dollar on different things.

Many changes were witnessed in this year's ranking due to inflation and volatile currency fluctuations. The report notes, however, that "the trend can also be attributed to changes in the ranking elsewhere rather than USA cities becoming more expensive domestically".

The country ranked as the least expensive in this year's survey is Venezuela's Caracas, where a new currency was launched last year as inflation nearly reached 1,000,000%.

The cheapest city on Earth was found to be Caracas, displacing Syria's Damascus, as a result of the economic crisis in Venezuela. "Put simply", the report authors note, "cheaper cities also tend to be less livable".

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