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Wherever we go whatever we do, one thing that bothers every one is the cost of living of a place. The question is Expensive or Economical? If such is the case, which is the city that best suits our lifestyle? It should certainly be Bengaluru or Karachi in India and Pakistan respectively. Surprising?
Yes, but interestingly Bengaluru tops the list of world's ten least expensive cities as per the Worldwide Cost of Living 2014 index of the Economist Intelligence Unit (EIU) Survey.
1. Bengaluru - India
India's IT capital and IT hotspot, Bengaluru is surprisingly ranked as the cheapest city from India. Though for an average Indian living in Bengaluru may not sound as a good buy, but as per the index the city is most affordable city.
Karachi and Bengaluru are the joint cheapest locations among the 133 cities surveyed. Bengaluru is also a new entrant in such a list.
2. Karachi - Pakistan
Pakistan's financial capital, Karachi has emerged as the world's cheapest cities to live in with a value for money. The cost of living in Karachi is apparently one-third of Singapore, which is the most expensive city in the world according to the index. However, the survey also notes that a city like Karachi faces economic, political and security challenges.
3. Caracas - Venezuela
Caracas descended from top ten to bottom five as the survey used an alternative exchange rate. Also the markets in the city have seen currency instability, with falling oil prices also adding a deflationary element to pricing. The EIU Survey states that, "in Venezuela the adoption of multiple exchange rates has made pricing Caracas almost impossible".
4. Mumbai - India
India's financial capital Mumbai is the third least expensive cities to live in. The news might be surprising for many Indians but according the report this is one of the most affordable cities. The affordability is attributed to the rising population and the high price sensitive market.
"The Indian subcontinent may be structurally cheap, but an increasing number of locations are also becoming cheaper because of the impact of significant political or economic disruption."
5. Chennai - India
Another Indian city in the bottom five and a new entrant as well-Chennai is ranked fifth in the list. Though the price of food items remains high here, declined inflation have balanced it with cheaper manufacturing and fuel items.
"Structurally low wages and price subsidies on some staples have made for a highly price sensitive market. Falling oil prices will add further weight to this," EIU study reveals about Indian cities.
6. New Delhi - India
The country's capital New Delhi stands sixth in the list of cheapest cities in the world. It is however ironic that one of the most expensive areas in the country, Cannaught Place is also in New Delhi. But when compared to the base city New York, cost of living in Delhi is much cheaper. While in New York the cost of living has risen by over 23 percent in five years. Therefore comparing with New York is rather irrational.
Yes, but interestingly Bengaluru tops the list of world's ten least expensive cities as per the Worldwide Cost of Living 2014 index of the Economist Intelligence Unit (EIU) Survey.
1. Bengaluru - India
- Global rank: 132
- Average price of 1 litre petrol: $1.28
- Average price of 1 kg bread: $1.13
India's IT capital and IT hotspot, Bengaluru is surprisingly ranked as the cheapest city from India. Though for an average Indian living in Bengaluru may not sound as a good buy, but as per the index the city is most affordable city.
Karachi and Bengaluru are the joint cheapest locations among the 133 cities surveyed. Bengaluru is also a new entrant in such a list.
2. Karachi - Pakistan
- Global rank in terms of affordability: 132
- Average price of 1 litre petrol: $1.12
- Average price of 1 kg bread: $1.04
Pakistan's financial capital, Karachi has emerged as the world's cheapest cities to live in with a value for money. The cost of living in Karachi is apparently one-third of Singapore, which is the most expensive city in the world according to the index. However, the survey also notes that a city like Karachi faces economic, political and security challenges.
3. Caracas - Venezuela
- Global rank: 130
- Average price of 1 litre petrol: $0. 27
- Average price of 1 kg bread: $3.36
Caracas descended from top ten to bottom five as the survey used an alternative exchange rate. Also the markets in the city have seen currency instability, with falling oil prices also adding a deflationary element to pricing. The EIU Survey states that, "in Venezuela the adoption of multiple exchange rates has made pricing Caracas almost impossible".
4. Mumbai - India
- Global rank: 130
- Average price of 1 litre petrol: $1.30
- Average price of 1 kg bread: $1.13
India's financial capital Mumbai is the third least expensive cities to live in. The news might be surprising for many Indians but according the report this is one of the most affordable cities. The affordability is attributed to the rising population and the high price sensitive market.
"The Indian subcontinent may be structurally cheap, but an increasing number of locations are also becoming cheaper because of the impact of significant political or economic disruption."
5. Chennai - India
- Global rank: 129
- Average price of 1 litre petrol: $1.19
- Average price of 1 kg bread: $0.93
Another Indian city in the bottom five and a new entrant as well-Chennai is ranked fifth in the list. Though the price of food items remains high here, declined inflation have balanced it with cheaper manufacturing and fuel items.
"Structurally low wages and price subsidies on some staples have made for a highly price sensitive market. Falling oil prices will add further weight to this," EIU study reveals about Indian cities.
6. New Delhi - India
- Global rank: 128
- Average price of 1 litre petrol: $1.14
- Average price of 1 kg bread: $1.07
The country's capital New Delhi stands sixth in the list of cheapest cities in the world. It is however ironic that one of the most expensive areas in the country, Cannaught Place is also in New Delhi. But when compared to the base city New York, cost of living in Delhi is much cheaper. While in New York the cost of living has risen by over 23 percent in five years. Therefore comparing with New York is rather irrational.
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