Via The Economist Intelligence Unit:
The Economist Intelligence Unit (The EIU) today launches the latest findings of its Worldwide Cost of Living Survey. Here are the findings for Australasia.
- Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking.
- While Asian cities have largely risen in cost-of-living terms, many urban centres in China, South Africa and Australia have seen contrasting movements from year to year.
- Exchange-rate volatility has meant that, while some notable Asian cities have largely risen in cost of living terms, many other urban centres in China and Australia have seen contrasting movements. Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking.
- Sydney has fallen from tenth spot last year to 16th, while Melbourne (22nd) is no longer in the top 20.
- Auckland and Wellington in New Zealand tumbled down by 14 and 17 places respectively.
- Three cities share title of most expensive city in the world: Singapore, Hong Kong and Paris. Singapore, having spent five years at the top, is joined by its regional rival this year. The Lion City and Hong Kong are both 7% more expensive than New York in the US.
- Asian cities make up four of both the ten most and least expensive.
