LONDON (Web Desk) – Karachi has been recognised as the cheapest city of the world whereas Singapore retained its position as the most expensive city, according to a research by the Economist Intelligence Unit (EIU), a report by BBC said.
According to the report, the top five most expensive cities in the world remain unchanged from a year earlier and include, in descending order, Paris, Oslo, Zurich and Sydney.
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.
“Most significantly, Singapore’s complex Certificate of Entitlement system makes car prices excessive, with Singaporean transport costs almost three times higher than in New York.”
