These represent rankings of current costs of living based on currency value and fluctuation. Some asymmetry exists since it costs as much as a Bentley to own a VW Golf in Singapore due to the registration fees. One also probably saves money by never eating at home in Singapore if groceries are 11% higher than in NYC. And of course this is not about economic development or the poor since it has a class bias built into it as well, not reflecting measures like the 1:99% US distribution of wealth since it represents "the cost of relocating and living for expatriates and business travellers." More interesting is that the cost of living also brings some risk with it as in the case of Caracas
Most expensive cities
1. Singapore
2. Paris, France
3. Oslo, Norway
4. Zurich, Switzerland
5. Sydney, Australia
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The cheapest cities
Karachi, Pakistan
Bangalore, India
Caracas, Venezuela
Mumbai, India
Chennai, India
Source: Economist Intelligence Unit
The EIU's survey comprises 133 cities worldwide and uses New York as a base. It compares the cost of more than 160 services and products including food, clothing and utility bills. Singapore was found to be 11% more expensive than New York for basic groceries. And together with Seoul, it was found to be the most expensive place in the world for clothes, "with prices 50% higher than New York", the EIU said.
The EIU said it was "very rare" to have an unchanged top five in their survey, especially considering the worldwide drop in oil prices together with deflationary pressures in many markets.
Foreign currency movements and falling oil prices had an effect on the cost of living in several cities.
Most notably, a weaker currency in Venezuela saw Caracas slide 124 places in the ranking, from the sixth most expensive city last year, to one of the cheapest this year....
Some of India's cities stand out as the least expensive in the world, with Bangalore, Mumbai and Chennai included in the five cheapest.
The EIU said low wages and price subsidies on some staples had contributed to Indian cities' place in the survey.