Karachi is once again considered to be one of the world’s cheapest cities.
The City of Lights ranked sixth on the list of the least expensive municipalities worldwide, according to the new 2019 worldwide cost of living report published by the Economist Intelligence Unit (EIU).
In addition, on the index of 100, the busy port-cities scored 40 and on the list of the costiest cities in the world ranked 127. Karachi also becomes Pakistan’s cheapest city.
In order to publish its annual report, which declares the world’s largest cost and cheapest cities, the Economist Intelligence Unit is a UK-based research and analysis company assessing economic growth, inflation, policy stability, among other aspects.
Each March and September are the Worldwide Cost for live surveys and in June and December the full reports are published.
HOW DOES THE ECONOMIST INTELLIGENCE UNIT RANK CITIES?
In order to write 50,000 individual prices of sixty essential goods, the Economist Intelligence Unit surveys 133 cities all over the world. This data is then measured against the cost of living in New York City in the U.S., the benchmark of which is set at 100 for this study. The rest of the cities then rate from the cheapest to the cheapest based on the prices of supermarkets, medium-priced shops and specialty outlets for local residents.
Based on the rates consumers pay for food, drinks, clothes, home supplies and personal items, the biannual Global Cost of Living Study. Often assessed are rent rates, housing, charges for public services, school fees and leisure costs.
“The Worldwide Cost of Living is a biannual Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs,” the report stated. “The survey itself is a purpose-built internet tool designed to help human resources and finance managers calculate cost-of-living allowances and build compensation packages for expatriates and business travellers,” it continued.
It is important to mention that most of the cities deemed as inexpensive in the list are located in South Asia.
MOST AFFORDABLE CITIES IN THE WORLD
These are the top 10 cheapest cities in the world, as per the latest Worldwide Cost of Living for 2019.
- Buenos Aires
- New Delhi
MOST EXPENSIVE CITIES IN THE WORLD
According to the Worldwide Cost of Living for 2019, these are the top 10 expensive cities in the world.
- Hong Kong
- New York
- Tel Aviv
via: web news