Singapore Is World’s Most Expensive City; Mumbai Is India’s

Singapore Is World’s Most Expensive City; Mumbai Is India’s

Singapore Is World’s Most Expensive City; Mumbai Is India’s

Asia has the distinction of housing some of the world’s most and least expensive cities, shows the Economist Intelligence Unit’s Worldwide Cost of Living 2019 index. The Asian city of Singapore has retained the top spot in the list and is followed by Paris and Hong Kong at the second and third positions, respectively.  

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Source: Economist Intelligence Unit

While several least expensive cities of the world are in Asia, three Indian cities have made it to that list. While Caracas (133), Damascus (132) and Tashkent (131) have been ranked the least expensive cities in the world, Mumbai, New Delhi, Chennai and Bengaluru have been ranked 122nd, 123rd, 125th and 129th, respectively.  

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Source: Economist Intelligence Unit

“Within Asia, the best value for money has traditionally been offered by South Asian cities, particularly those in India and Pakistan. To an extent this remains true, and Bangalore, Chennai, New Delhi and Karachi feature among the 10 cheapest locations surveyed,” the EIU said in a statement.

The Worldwide Cost of Living compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.

A kilogram of bread loaf, for instance, costs $1.08 in Chennai while it costs $15.59 in Seoul, the seventh most expensive city in the world. A man’s business suit in New York would costs an average $2,729.77 while it costs $173.9 in Chennai.

"India is tipped for rapid economic expansion but, in per-head terms, wage and spending growth will remain low. Income inequality means that low wages are the norm, limiting household spending and creating many tiers of pricing as well as strong competition from a range of retail sources,” it said.

 “This, combined with a cheap and plentiful supply of goods into cities from rural producers with short supply chains as well as government subsidies on some products, has kept prices down, especially by Western standards," it adds.

Last Updated: Fri Mar 22 2019

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@@Fri Jul 05 2019 13:15:19