SINGAPORE has become a more expensive city to live in, according to a survey by the Economist Intelligence Unit .

It moved up five notches - from 15th spot six months ago - to become the 10th costliest city to live in the world, said the EIU in a survey on the worldwide cost of living released on Monday.

Tokyo was the costliest city, followed by Osaka, Paris, Copenhagen, Oslo and Zurich.

Karachi in Pakistan is the cheapest city, followed by Teheran, Mumbai, New Delhi, Kathmandu, Nepal, and Tripoli, Libya.

London has also become cheaper to live in than New York for the first time since 2002, as the British pound tumbled in value, the survey said.

London fell to the world's 27th most expensive city from eighth place six months ago. New York rose to 23rd most expensive from 39th.

The changes in rankings reflect currency moves, including sterling's 22 per cent decline against the dollar in six months, and the yen's gain. The cities of Western Europe are more expensive than any other region, followed by North America.

'There has been a massive change in rankings based on currency changes,' said Jon Copestake, editor of the survey.

Reykjavik tumbled 28 places to 67th as the Icelandic krone collapsed, and Seoul fell to 66th place from 35th.

The survey measures the prices of 160 products and services, including food, alcohol, utilities and clothing. It doesn't include commercial or residential rent. The survey adjusts the price data collected in September for currency changes.


http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_348236.html
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