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World's most expensive cities for 2018: Singapore number one, Sydney climbs into top 10
Annabel Fenwick Elliott
Singapore has been declared the most expensive city on Earth for the fifth year running, according to an extensive annual study of prices.
The Economist Intelligence Unit's Worldwide Cost of Living Survey has ranked 133 cities according to the price of more than 150 items.
Budget-conscious travellers might want to give Paris a swerve too, which leapt five places up the charts to second spot. It is followed by the Swiss city of Zurich and Hong Kong.
The world's 10 most expensive cities
Ongoing economic uncertainty thanks to the 2016 Brexit referendum has toppled the strength of the British pound, pushing London to 30th on the list - a drop of six places since last year, making it the cheapest it has been in two decades.
The world's 10 cheapest cities
"This is something we have not seen in over a decade," commented Roxana Slavcheva, the editor of the survey.
"The competition between Asian hubs like Singapore, Hong Kong (fourth) and Seoul (joint sixth with Geneva), on the one hand and European destinations such as Paris, Zurich and Oslo on the other will be ones to watch over the next survey cycle."
She added: "More interesting is the fall in the ranking for the Japanese cities, Tokyo and Osaka, which were in the top five most expensive just last year." Tokyo was actually the world's most expensive city until 2013, but low inflation has since nudged it down to 11th.
Biggest moves down the rankings
Of all 133 cities, Mexico City saw the fastest rise in the relative cost of living, owing to currency movements as well as rising inflation stoked by a jump in petrol prices in early 2017, the report found. Moving up 23 places to 59th position, it is now the most expensive city in Latin America.
Biggest moves up the rankings
Turning our attention to the US, with the dollar weakening against other currencies, none of its cities rank among the 10 most expensive cities this year. New York comes in at 13th, with Los Angeles placing 14th, compared with ninth and 11th position, respectively, last year.
Despite a rise in recent years in the relative cost of living in US cities, this latest survey reflects a fall in ranking for all but one (Boston) of the 16 cities surveyed.
"Currency fluctuations continue to be a major cause for changes in the ranking," the report states. "In the past year a number of markets have seen significant currency movements, which have in many cases countered the impact of domestic price changes."
The Telegraph, London
http://www.traveller.com.au/worlds-...ydney-climbs-into-top-10-h0xnj6#ixzz5AEarTU1j
Annabel Fenwick Elliott
Singapore has been declared the most expensive city on Earth for the fifth year running, according to an extensive annual study of prices.
The Economist Intelligence Unit's Worldwide Cost of Living Survey has ranked 133 cities according to the price of more than 150 items.
Budget-conscious travellers might want to give Paris a swerve too, which leapt five places up the charts to second spot. It is followed by the Swiss city of Zurich and Hong Kong.
The world's 10 most expensive cities
- Singapore (=)
- Paris, France (+5)
- Zurich, Switzerland (+1)
- Hong Kong (-2)
- Oslo, Norway (+6)
- Geneva, Switzerland (+1)
- Seoul, South Korea (=)
- Copenhagen, Denmark (+1)
- Tel Aviv, Israel (+2)
- Sydney, Australia (+4)
Ongoing economic uncertainty thanks to the 2016 Brexit referendum has toppled the strength of the British pound, pushing London to 30th on the list - a drop of six places since last year, making it the cheapest it has been in two decades.
The world's 10 cheapest cities
- Damascus, Syria (-14)
- Caracas, Venezuela (-13)
- Almaty, Kazakhstan (+2)
- Lagos, Nigeria (+2)
- Bangalore, India (+2)
- Karachi, Pakistan (+3)
- Algiers, Algeria (=)
- Chennai, India (+1)
- Bucharest, Romania (0)
- New Delhi, India (0)
"This is something we have not seen in over a decade," commented Roxana Slavcheva, the editor of the survey.
"The competition between Asian hubs like Singapore, Hong Kong (fourth) and Seoul (joint sixth with Geneva), on the one hand and European destinations such as Paris, Zurich and Oslo on the other will be ones to watch over the next survey cycle."
She added: "More interesting is the fall in the ranking for the Japanese cities, Tokyo and Osaka, which were in the top five most expensive just last year." Tokyo was actually the world's most expensive city until 2013, but low inflation has since nudged it down to 11th.
Biggest moves down the rankings
- Tashkent, Uzbekistan (-35)
- Cairo, Egypt (-22)
- Chicago, US (-14)
- Nouméa, New Caledonia (-14)
- Damascus, Syria (-14)
- Caracas, Venezuela (-13)
- San José, Costa Rica (-12)
- Washington DC, US (-10)
- Dhaka, Bangladesh (-10)
- Istanbul, Turkey (-10)
Of all 133 cities, Mexico City saw the fastest rise in the relative cost of living, owing to currency movements as well as rising inflation stoked by a jump in petrol prices in early 2017, the report found. Moving up 23 places to 59th position, it is now the most expensive city in Latin America.
Biggest moves up the rankings
- Mexico City, Mexico (+23)
- Santiago, Chile (+20)
- St Petersburg, Russia (+14)
- Kiev, Ukraine (+14)
- Prague, Czech Republic (+13)
- Belgrade, Serbia (+13)
- Pretoria, South Africa (+13)
- Moscow, Russia (+12)
- Johannesburg, South Africa (+11)
- Madrid, Spain (+10)
Turning our attention to the US, with the dollar weakening against other currencies, none of its cities rank among the 10 most expensive cities this year. New York comes in at 13th, with Los Angeles placing 14th, compared with ninth and 11th position, respectively, last year.
Despite a rise in recent years in the relative cost of living in US cities, this latest survey reflects a fall in ranking for all but one (Boston) of the 16 cities surveyed.
"Currency fluctuations continue to be a major cause for changes in the ranking," the report states. "In the past year a number of markets have seen significant currency movements, which have in many cases countered the impact of domestic price changes."
The Telegraph, London
http://www.traveller.com.au/worlds-...ydney-climbs-into-top-10-h0xnj6#ixzz5AEarTU1j
