Buenos Aires, among the cheapest cities in the world according to The Economist

A European city and two Asians top the list of the most expensive cities in the world. Meanwhile, two cities in Latin America are among the 10 cheapest.

Three cities are at the top of the list of the most expensive cities in the world. It concerns Paris, Hong Kong and Singapore.

This is the first time that three cities share first place in 30 years of annual survey on the
The Economist Intelligence Unit, British magazine
The Economist, which compares prices in more than 100 cities around the world.

The French capital, which was the second most expensive city of last year, is the only city in the euro zone in the top 10.

The survey compares the cost of common items, such as bread, in 133 cities. It then tracks whether prices have increased or decreased relative to the cost of living in New York, which serves as a benchmark.

Haircut comparisons

The author of the report, Roxana Slavcheva, pointed out that Paris is one of the ten most expensive cities since 2003 and that it is "extremely expensive" to live there.

"Only alcohol, transport and tobacco can be compared to other European cities," he said. The average cost of a haircut for women, for example, costs 119.04 USD in Paris, against 73.97 USD in Zurich and 53.46 USD in the Japanese city of Osaka.

"European cities tend to have the highest costs in the categories of home, personal care, recreation and entertainment, Paris being a good representative in these categories," Slavcheva said.

The 10 most expensive cities in the world

1. Singapore (Singapore)
2. 
   

   Paris
   
   (La France)

3. 
   

   Hong Kong
   
   (China)

4. Zurich (Switzerland)
5. Geneva, Switzerland)
6. Osaka (Japan)
7. Seoul (South Korea)
8. Copenhagen (Denmark)
9. 
   

   New York
   
   (USA)

10. Tel Aviv (Israel)
11. 
    

    Angels
    
    (USA)

Inflation and currency fluctuations have helped to change this year's list as countries such as Argentina, Brazil, Turkey and Venezuela experience a sharp drop in their cost of living rankings.

Caracas, where inflation was around 1,000,000% last year, has ranked as the cheapest city in this year 's survey.

Inflation and currency fluctuations have helped to change this year's list, with countries such as Argentina, Brazil, Turkey and Venezuela experiencing a sharp decline in their cost-of-living rankings

Although the price of a cup of coffee in the Venezuelan capital has doubled to 400 bolivars (US $ 0.62) in just one week last December, according to Bloomberg. Damascus, Syria, was ranked as the second cheapest city in the world.

The Economist Intelligence Unit has badyzed that a "growing number of cities" were becoming cheaper because of political or economic disorganization.

"In some cases, such as Turkey and Argentina, several factors, including external imbalances, political instability and poor policy formulation, triggered a currency crisis," the report says.

The Economist Intelligence Unit has badyzed that a "growing number of cities" were becoming cheaper because of political or economic disorganization

Among the Latin American cities that have fallen the most in the last 12 months is Buenos Aires, which lost 28 places and ranks 125th; Sao Paulo who dropped 16 places and is in position 107; followed by Rio de Janeiro which has crossed 15 steps and ranks 108th.

The 10 cheapest cities in the world

1. Caracas (Venezuela)
2. Damascus (Syria)
3. Tashkent (Uzbekistan)
4. Almaty (Kazakhstan)
5. Bangalore (India)
6. Karachi (Pakistan)
7. Lagos (Nigeria)
8. 
   

   Buenos Aires
   
   (Argentina)

9. Chennai (India)
10. New Delhi (India)