A report has revealed the world’s most expensive cities and some of them are not really a surprise since they have appeared in that category in other reports. Number one on the list are Paris, Hong Kong and Singapore.
In past reports, only one city had been number one but this time the category has three cities at the top spot. It’s actually the first time that the Economist Intelligence Unit report has three cities sharing the number one spot.
Paris is no stranger to appearing high on the list of most expensive cities. The capital was second on last year’s report. Paris is one of four European cities in the top ten most expensive cities in the world.
The survey, which has a 30 year history, uses a number of things to come up with the results. The survey does things such as comparing the cost of items, including rent, public transportation and food.
The survey uses the city of New York as a benchmark and it tracks whether the prices have changed over the year. The prices from the other cities are compared to the ones from New York.
The survey looked at a total of 133 cities, including most in South America and Europe. The annual report is released to give travelers and residents an idea on how expensive a place is compared to their city.
The report looked at the cities and found that some of them were much more expensive than others. The top ten list also includes cities such as Zurich, Osaka/Geneva, Seoul/Copenhagen/New York and Tel Aviv/Los Angeles.
In Singapore, the report found that almost two pounds of bread cost $3.40. The price was much higher in Paris, where the same amount of bread has a price of $5.66. The city with the most expensive bottle of beer is New York at a price of $3.33. Zurich and Seoul are close by with average beer bottle prices at $3.25 and $3.13. New York and Seoul stand out in the bread category, with the cities having prices of $8.33 and $15.59 for nearly two pounds of bread.
The author of the report, Roxana Slavcheva, said Paris has been among the most expensive cities since 2003. She also said that European cities usually have the highest costs in personal care, household, entertainment and recreation categories.
The study also found the least expensive cities in the world. This year’s report includes cities in countries such as Venezuela, Argentina and Syria. South American nations such as Venezuela and Argentina have seen high levels of inflation in recent years.
The least expensive title goes to Caracas, where the inflation has left the country’s currency with little value. A tourist would receive a high amount of Bolivares Soberanos, the country’s new currency, with the exchange of a few dollars or other currencies. Venezuela’s inflation is estimated to hit ten million percent this year.
The world’s second least expensive city title went to Damascus in Syria. The country has been heavily affected by a civil war that began back in 2011. The top five least expensive cities also include Tashkent, Almaty and Bangalore.