Seoul is World’s 17th Most Expensive City

The Economist Intelligence Unit (EIU) announced on March 4 that Seoul ranked 17th among 131 cities worldwide in cost of living.

Seoul’s index stood at 108, 8 percent higher than New York’s figure, which was set to 100 to provide a base for comparisons.

The world’s most expensive city to live in is reportedly Singapore, where it is 30 percent more expensive to live in than New York City.

The Singapore dollar’s appreciation of as much as 40 percent, expensive auto maintenance, high transport costs, high electric bills, and high water bills have propelled the country to the top spot. Tokyo, which topped the list in 2013, was placed 6th this year owing to a cheaper yen.

Published every March, the EIU’s cost-of-living index is a weighted average of the prices of 160 products and services in 131 cities, based on figures for September of the previous year. Food prices, utility bills, transportation costs, cigarette and liquor prices, and tuition fees for private schools are all reflected in the index.