The Economist Intelligence Unit reported on March 9 Seoul ranked eighth in the list of expensive cities to live in.
The Economist Intelligence Unit reported on March 9 that Singapore has become the most expensive city in the world to live in for three years in a row.
According to the report, Singapore recorded 116 points when that of New York, which ranked seventh, was 100. Zurich and Hong Kong ranked second with 114 points, followed by Geneva (108), Paris (107) and London (101). Seoul climbed a notch to eighth by recording 99 points as Copenhagen and Los Angeles did.
“European cities fell on the list as the U.S. dollar appreciated and the euro depreciated,” said the Economist Intelligence Unit, continuing, “A weak consumer sentiment and stagnant consumer prices are blocking inflation.” It added, “In spite of the weak euro, Paris was more expensive to live in than most other European cities due to its high liquor and cigarette prices.”
In the meantime, Lusaka, Zambia was on the bottom of the list and Bengaluru and Mumbai, India were the second- and third-cheapest cities to live in, respectively.
The annual report covers 133 cities around the world and the prices of 160 products and services in the respective cities, including public utility charges, school expenses and house rents, for comparisons with those of New York.