Bengaluru, Delhi And Chennai Are Among The Cheapest Cities In The World!

Bengaluru is the cheapest city to live in India and the fifth cheapest city to live in.Chennai and New Delhi are also in the list of cheapest cities in the world, according to Economist Intelligence Unit Worldwide Cost of Living 2018 survey.

Shweta SengarUpdated: Mar 15, 2018, 15:33 IST

Bengaluru is the cheapest city to live in India and the fifth cheapest city in the world to live in. Chennai and New Delhi are also in the list of cheapest cities in the world, according to Economist Intelligence Unit Worldwide Cost of Living 2018 survey.

India¡¯s Silicon Valley Bengaluru has been ranked 129 in the list of 133 cities that have been studied. In the reverse order, the Karnataka¡¯s capital is the fifth cheapest city to live in. Syria's Damascus is the cheapest city in the world followed by Caracas in Venezuela.

Chennai is at the 126th spot. Country¡¯s capital New Delhi is at 124.

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The Economist Intelligence Unit

Singapore retains its title as the world's most expensive city for a fifth year running in a top 10 largely dominated by European cities.

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Tokyo, which was the world's most expensive city until 2013, has moved seven places down the ranking in the past 12 months.

Paris and Zurich tying for the second place. Hong Kong took the fourth place, Oslo in fifth and Geneva in sixth.

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The Economist Intelligence Unit

The report reads:

"While the top of the latest cost of living ranking may seem familiar, the cheapest cities in the world have seen some changes over the past 12 months. Asia is home to some of the world¡¯s most expensive cities and to many of the world¡¯s cheapest cities too. Within Asia, the best value for money has traditionally come from South Asian cities, particularly those in India and Pakistan.

To an extent this remains true, and Bangalore, Chennai, Karachi, Mumbai and New Delhi make up half of the ten cheapest locations surveyed. India is tipped for rapid expansion as Chinese growth declines, but much of this is driven by its demographic profile, and in per-head terms wage and spending growth will come from a low base."

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Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location.

Singapore retains its spot as the most expensive city in the world in our latest rankings.

What factors decide the cheapest and most expensive cities?

The impact of fluctuating oil and commodity prices are the top reasons that reflect the cost of living. Declining oil prices ave helped in keeping inflation level low in many countries. Average price of loaf of bread, average price of one bottle of table wine, average price of one pack (20 units) of cigarette and average price of 1 litre unleaded petrol are taken into account while decided the top 10 cheapest and most expensive cities.

Moreover, cheap and plentiful supply of goods into cities from rural producers with short supply chains as well as government subsidies on some products, has kept prices down, especially by Western standards, the report noted.

The cost of living is always changing and there are already indications of further changes that are set to take place during the coming year.

Cheap, but cheerful too?

As Lagos and Almaty prove, an increasing number of locations are becoming cheaper because of the impact of political or economic disruption. Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location. This means that there is a considerable element of risk in some of the world¡¯s cheapest cities. In simpler terms, cheaper cities are to some extent also less livable.

22/11/2024 16:22:36
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