Published: Wed, March 22, 2017
Markets | By Lucia Cruz

Moscow becomes one of world's cities getting more expensive most quickly

Moscow becomes one of world's cities getting more expensive most quickly

The only city in North America to enter the list was NY which fell to the ninth rank this year from seventh last year.

The Economist Intelligence Unit's Worldwide Cost of Living Survey assessed more than 150 different purchases in 133 cities around the world to determine where budget travellers should go - and where they should avoid. Almaty, in the central Asian country of Kazakhstan, is the cheapest city in the world.

American cities have fallen down the rankings, too, although they still remain comparatively expensive compared with five years ago, when NY was ranked in 46th position. The average price for a 1kg loaf of bread is US$3.55 in Singapore, while it costs US$4.61 in Hong Kong, US$7.41 in Tokyo and US$14.82 in Seoul.

"Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location", EIU said, adding that "this means that there is a considerable element of risk in some of the world's cheapest cities".

United Kingdom cities are the cheapest they have been for 20 years to foreign visitors after a sharp decline in the value of the pound following the Brexit referendum, according to a global survey.

While Asia is home to some of the world's most expensive metropolises, it is also site of some of the cheapest, too.

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Several European countries topped the list as well, including Zurich, Switzerland, which was the third most expensive place.

Despite measures to control prices, Almaty has seen inflation approaching 20 per cent during 2016. At the same time, cities in China, the region's economic powerhouse, slipped by between five and 16 places due to weakening consumption and a depreciation in the renminbi, the report showed. Singapore was named "the most expensive city", topping the list for its fourth consecutive year.

While Zurich may be expensive, it compensates by offering a high quality of life that is regularly recognized in other surveys.

Chennai and Mumbai are both at 127, with an index of 45, and New Delhi at 124, with a ranking of 47.

With Japanese cities returning to the fold, Asia now accounts for half of the ten most expensive cities ranked.

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