Paris ‘is world’s second priciest’

AN INFLUENTIAL study has identified Paris as the second most-expensive city in the world to live and work for the second year running.

The Economist Intelligence Unit’s (EIU) Cost of Living study compares the cost of living in 140 cities around the world against New York.

It found that the most expensive cities were the same as last year - with Singapore again heading the list, ahead of Paris, Oslo, Zurich and Sydney.

Melbourne, Geneva, Copenhagen, Hong Kong and Seoul complete the priciest top 10.

But, the EIU report warned: “This façade of relative stability is deceptive, however ... it is extremely rare for an identical top five to be achieved in ranking the global cost of living," adding that midway through 2014, leader Singapore was actually fourth on the list.

It added: "As currencies strengthen and weaken against each other, the relative cost of living will change between cities - even where price levels remain constant.”

It also noted that Zurich and Geneva would top the list at current exchange rates after the Swiss franc was unpegged from the euro earlier this year.

The twice yearly survey ranks cities by comparing prices across a “basket of goods” of 160 products, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs. In total, more than 50,000 individual prices are collected.

It found that, despite the weakness of the euro - which saw other European cities drop out of the top 10 - Paris remains an expensive place to live, with with - it said - just tobacco and alcohol offering “value for money”.

The EIU’s Cost of Living study is regularly used by HR personnel, individuals considering an overseas move and by expatriates comparing the cost of living in one city with another.

Also read: Paris on a budget: 12 low cost tips

Photo: Robyn Lee