According to the Economist Intelligence Unit’s Worldwide Cost of Living report released on March 15, Seoul and Geneva are the sixth-most expensive cities to live in among 133 cities around the world. Seoul ranked sixth in the previous year’s survey, too.
“In Seoul, the prices of bread and wine are high whereas those of gasoline and cigarettes are relatively low,” the EIU said, adding, “Tokyo, which was the most expensive city in the world until 2013, moved down seven notches in one year and fell out of the top 10, along with Osaka, this year thanks to low inflation whereas Seoul rose from 21st to sixth in five years.”
Singapore remained the most expensive city for the fifth consecutive year. Paris and Zurich came in second and Hong Kong ranked fourth, followed by Oslo, Seoul and Geneva, Copenhagen, Tel Aviv, and Sydney.
It is Damascus, Syria that is at the opposite end of the list. It is followed by Caracas, Venezuela, Almaty, Kazakhstan, and Lagos, Nigeria.
According to the EIU, deflation and devaluation were this year’s key factors. “These factors caused many cities to move down on the list, such as New York, which fell to 13th amid a weak dollar,” the EIU explained.