The same bread that can be bought in Singapore for $ 3.55 in Almaty in Kazakhstan costs less than a dollar. An analogous speech for a bottle of wine that in the Malaysian city-state costs on average over $ 20, while in the financial heart of Kazakho, which is not well-known for its wine production at Km0, it costs just $ 6. The liter of petrol at the pump costs more than twice as much from one city to another.
These data summarize the head and tail of the ranking chart in the latest Economist Intelligence Unit report on the cost of living in cities around the world. SuperAsia Singapore confirms its worst city’s status for the fourth consecutive year, and in general, the top ten remained substantially unchanged this year, except for the return of the Japanese metropolis, Osaka and Tokyo. Japan’s capital at the summit in 2012 had plummeted due to the crisis in the Japanese economic model and now comes back thanks to the new appreciation of the yen on the financial market. In essence, Asia makes it a master in the face of a seemingly declining North America, and is represented only by the Big Apple in the top ten but slipping from seventh to ninth place.
But if the cost of living in New York has declined slightly in the last year, it is still incomparable with just five years ago when the mayor De Blasio’s city occupied even the 46th place on the same rank. What about sin city – Las Vegas and its casinos? Yes, actually it is also quite expensive, so we recommend better play online casinos. This is much cheaper and more flexible – here you can find pay by mobile slots, and other smartphone games without going out from your home. And Europe? Part of the traditional luxury Swiss enclaves, Geneva and Zurich, Paris, which for the last 15 years has been among the ten most expensive cities in the world, is the first and only capital of the eurozone in the league despite a moderate fall in prices. At this time living in Paris, according to the Economist data, is more expensive by 7 percent than in New York, but five years ago the gap was 50 percent. In the tenth place, the other European capital, Copenhagen, where as by Nordic tradition, the cost of living is kept high by public services, transport and welfare.
Looking down at the world of metropolis, however, shows a very different scenario than 12 months ago, but here is also the main Asian protagonist. The top ten of the cheapest cities always sees the massive presence of Indian cities – Bangalore, Mumbai, New Delhi and Chennai. With the growth of the Chinese giant slower, India is rapidly expanding and prices remain low due to the demographic profile of its metropolis and the acute inequalities that sprout minimum wages, public subsidies, and consequent downturns in tariffs.
Hindu and Pakistani cities are among the least well-liked but not least, and Lusaka, the capital of Zambia last year, was the palm of the world’s most economical city, but this year it had a flurry of 11 locations because of the inflation and stabilization of currency, was supplanted by Almaty, the economic heart of Kazakhstan. A peculiar primacy for a city that sees inflation galloping to 20 percent, yet it does not keep up the 50% drop in Tenge’s devaluation since August two years ago. Almaty’s company at the bottom of the ranking list is Lagos, the Nigerian metropolis, which, despite having been investing heavily for years, has been severely affected by the collapse of the crude oil price with the collapse of the local currency.
Again here at the inflation that remains galloping is counterweight to monetary devaluation, resulting: since 2008 the cost of living in Lagos is more than halved. As can be seen from this data, the low cost of living does not necessarily correspond to a particular attraction for the cities that populate this side of the rankings. Almaty and Lagos, Karachi, Algiers and Kiev also suffer from political and security instability that is accompanied by economic difficulties. The decline of the US and China The key factors of the global economic crisis that in 2016 led to deflation and devaluation are particularly evident in the study table analyzing fluctuations. The Economist study takes New York as a reference benchmark, and according to that, overall, in the last years, the average cost of living has risen by 74% (slightly more than the 2016 increase).
Global economic crisis
A significant index for the global economic crisis, although five years ago, the same report reported an increase in the cost of living in 132 cities taken into account of 93.5 percent. The falls are American cities, all 16 in the standings except San Francisco and Lexington certify a fall in prices, but falling more are those Chinese victims of the significant slowdown in rising consumption and devaluation. Chinese urban centers then lose between five and sixteen positions each. Downsizing The Economist’s report, which focuses its attention in particular on countries dependent on commodity and energy prices, reports that in some cases the appreciation of the currency caused Brazil’s cities in Rio de Janeiro and São Paulo the re-emergence of inflation and the rapid rise of these metropolises in the ranking of the most expensive, 27 and 29 positions, respectively.
The São Paulo case is particularly significant: five years ago it was among the 30 most cautious cities while last year it was among the 30 cheapest. At the pole opposite the effect of the devaluation of Argentine weight on the ranking of Buenos Aires, collapsed from twenty positions up to the 82esima. But the decline of the Argentine capital was not the most traumatic. In 2016 the record for Manchester is presumed to be twenty-five positions on the back of sterling devaluation. A phenomenon that covered London this year out of the top ten and attested to the 24th position among the most affluent cities on the planet, the lowest position in the last twenty years.