Higher prices and a stronger currency have kept Hong Kong at the top of the tree, according to ECA International’s latest cost of living report.
Higher prices and a stronger currency over the past year kept the Asian city at the top of the tree, according to ECA International, which carried out its research in March this year. London and Tokyo round out the top five.Soaring rental costs were part of the reason London and New York took their positions in the top five, with rent in those cities rising 20 per cent and 12 per cent respectively.
Turkey’s Ankara is the cheapest city in the world for expats, after falling five spots to 207th place. The war in Ukraine increased cooking oil prices by an average of 25 per cent last year across cities in the ranking.A cup of coffee at $US5.21, a litre of petrol at $US3.04 and a kilo of tomatoes at $US11.51 were just a few of the prices that took Hong Kong to the top of the list.
“Although Hong Kong has been impacted by rising global inflation less than other regional and global locations in the past year, it nonetheless remains the most expensive location in the world,” a press release quoted ECA International’s Regional Director for Asia, Lee Quane, as saying.
ECA International analyses the cost of consumer goods and services in more than 490 locations worldwide. Accommodation data is also factored in, comparing rental costs in areas typically inhabited by expatriate staff in over 410 locations worldwide. The latest report ranks 207 cities in 120 countries.1. Hong Kong
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