A survey has revealed
Karachi has been ranked sixth least expensive city in the world.
This was revealed in a survey conducted by the Economist Intelligence Unit. The price of living was compared in 133 cities. The increase in prices was compared to the cost of living in New York, which has been used as a benchmark.
Two Indian cities were also a part of the list of the top 10 cheapest cities. New Delhi was ranked eighth, while Bangalore was ranked fifth, BBC reported.
Venezuela’s Caracas was ranked as the least expensive city. Syria’s Damascus was the second cheapest, followed by Tashkent, Uzbekistan.
Argentina, Brazil, Turkey and Venezuela saw a sharp fall in their cost of living ranking this year too.
The researchers said a “growing number of locations” were becoming cheaper because of political or economic factors.
Paris, Hong Kong and Singapore, on the other hand, were listed as the most expensive cities to live in.
Paris has always been among the top ten cities in the list since 2003, report author Roxana Slavcheva told BBC. “Only alcohol, transport and tobacco offer value for money compared with other European cities,” she said.
The average cost of a haircut in Paris is $119.04 as compared to $763.97 in Zurich and $53.46 in Japan’s Osaka.
European cities were noted to have high costs for household expenditure, personal care, recreation and entertainment categories, Slavcheva said.