The most expensive cities in the world revealed
London is rarely referred to as a budget-friendly city and it's becoming even less so after being named the sixth most expensive city in the world to live in.
The British capital has climbed five places from being ranked 11th in last year's Economist Intelligence Unit's (EIU) twice-yearly worldwide cost of living survey.
Singapore took the top spot for the third year in a row and is followed by Zurich, Hong Kong, Geneva and then Paris.
The rest of the top ten were New York, Copenhagen, Seoul and Los Angeles, knocking off Oslo, Sydney, and Melbourne - which have slid down the ranks due to the Australian dollar weakening, meaning good news for Brits travelling down under.
The study compares prices in shops for more than 160 basic goods and services, including food, toiletries, clothing, domestic help, utility bills, cigarettes and wine.
New York, which is used as base for comparison in the survey, is at its highest rank since 2002 and has climbed by an impressive 42 places since 2011.
But interestingly neither Los Angeles nor the Big Apple have seen the price of bread, or average rent suddenly shoot up over the past year - instead, the climb is gradual.
Since the price of oil is falling and the US dollar strengthening, inflation has been low across the States and, according to the EIU, local prices haven't raced up.
Up in the top three spots, Singapore may well be holding its title as the most expensive place to live, but the gap between there and its competitors, Zurich and Hong Kong, is narrowing fast.
Cities varied in price in different areas, however. For instance, pricey Singapore was found to have better value for money when it came to groceries.
Buying day-to-day food was priced on a par with New York, while cities generally ranked as cheaper than Singapore had higher food costs.
Korean capital Seoul was 33 per cent more expensive than Singapore for groceries, Tokyo 26 per cent more expensive and Hong Kong 28 per cent more.
Yet, owning a car was particularly more expensive for Singapore's residents, due in part to Singapore’s complex Certificate of Entitlement system.
Even those who think they might bypass the extra expense by jumping on the bus would find themselves out-of-pocket as public transport around the city is 2.7 times higher than in New York.
Right at the bottom of the 133-strong list was the Zambian city of Lusaka, which was preceded by Bangalore, and Mumbai - both in India - Almaty, Kazakhstan and Algiers, in Algeria.
The war-torn city of Damascus, Syria, had the 9th cheapest costs of living in the world.
Caracas, Venezuela, was in the top 10 a decade ago but has since plummeted down to the bottom ten.
'If the cost of living was calculated using the official rate, Caracas would be more than four times more expensive than New York. Conversely, if black market rates applied then it would be almost ten times cheaper than New York,' the EIU report said.
Source: http://www.dailymail.co.uk
Image Source: http://i.dailymail.co.uk/i/pix/2016/03/10/20/066D973000000514-3486408-image-a-26_1457642876383.jpg
Vocabulary:
1. Cost of living - noun The level of prices relating to a range of everyday items.
2. Toiletries - noun (plural) Articles used in washing and taking care of one’s body, such as soap, shampoo, and toothpaste.
3. Inflation (used in Economics) - noun A general increase in prices and fall in the purchasing value of money.
4. Bypass - noun To avoid (an obstacle) by using an alternative channel, passage, or route.
5. Out of pocket - idiom Without funds or assets.
6. Black market - noun An illegal traffic or trade in officially controlled or scarce commodities.
Discussion:
1. Do you agree that living in the city is expensive? Why do you think so?
2. What aspects of life in the city do you like and dislike?
3. What are the advantages and disadvantages of living in the city?
4. From the top ten cities mentioned above, do you think the living conditions there are better compared to the other cities not on the list?
5. If given the chance, would you live in one of the most expensive cities? Why?
