• Friday, March 29, 2024
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Lagos emerges the world’s 6th cheapest city

Lagos

Lagos has emerged the sixth cheapest city in the world to live after Caracas in Venezuela, Damascus in war-torn Syria, Tashkent in Uzbekistan, Almaty in Kazakhstan, Bangalore in India and Karachi in Pakistan with which it tied.

The survey compares the cost of common items such as bread and even the cost of a hair cut in 133 cities and is designed to help companies calculate cost-of-living allowances and build compensation packages for expatriates and business travellers.

Nigeria’s commercial capital is followed by Buenos Aires in Argentina, Chennai in India and the Indian capital, Delhi.

The annual survey of the world’s most expensive cities conducted by the Economist Intelligence unit saw Paris shoot to the top alongside Hong Kong and Singapore.

It is the first time that three cities have shared the top slot of the most expensive cities to live in the survey’s 30-year history

The trio of cities sharing the top spot is 7 per cent more expensive to live in than New York, according to the EIU, which compiles its list from a survey of 160 products and services across 93 countries.

The Japanese port city of Osaka was another re-entry, moving up six spots to number five. Seoul (joint seventh place), Copenhagen (also seventh) and Tel Aviv (10th) round out the top 10 — which actually consists of 11 cities thanks to tied places.

“Weaker local currencies pushed all five Australian and two New Zealand cities surveyed down in the ranking,” the EIU said, accounting for Sydney’s absence after it scraped into 10th position in last year’s report.

Outside the top 10, the EIU said the cost of living in Chinese cities remains relatively stable, while Southeast Asian destinations were moving up the ranks.

One of the factors behind Asia’s strong showing at the top of the table is that some Asian cities are among the world’s priciest locations for general grocery shopping, according to the EIU.

Move over Singapore — the world’s most expensive city has two new rivals.

After topping the Economist Intelligence Unit’s Worldwide Cost of Living Survey for five years, Singapore now has two companions at the top of the league.

Zurich and Geneva rounded out the top five, while New York and Los Angeles reclaimed spots in the top 10 — ranking in seventh and 10th respectively — after slipping to 13th and 14th last year thanks to a weakening dollar.