Karachi Is Still the Sixth-Cheapest City in The World
In the list of the cheapest cities in the world, Karachi has managed to keep his sixth place, sharing this table with Bangalore, Chennai and New Delhi.
Under a 2019 Worldwide Cost of Life Survey, a kilogram bread loaf in Pakistan's financial hub costs $1.46 compared to $5.66 in Paris, one of the costliest cities in the world, according to the Economist Intelligence Unit (EIU) 2019.
The study has compared over 400 individual rates for more than 160 products and facilities, including food, beverage, clothing, household materials and personal care products, house rent, transportation, public transportation, private school, family help and recreational expenses for more than 30 years.
Each city is contrasted with a New York Base City with an index of 100.
Caracas, the capital of Venezuela, replaces Syria's Damascus by cost of life, the cheapest city.
South Asia traditionally offers the greatest price for money–especially in India or Pakistan–and that is reflected in four of the ten cheapest towns polled this year.
According to the study, Caracas experienced a substantial decline in financial situation by hyperinflation and a breakdown of public service conditions.
“The government unified and devalued the official exchange rates in early 2018 in an attempt to reduce currency pressure, but amid hyperinflation, the currency remains hugely overvalued, as reflected in an extremely large black-market premium,” it added.
As Damascus and Caracas demonstrate, the effect of political or financial disturbance has resulted in an increasing number of places being cheaper. While structurally inexpensive South Asia continues, political instability becomes more and more a major factor in reducing the comparative price of living. In some of the cheapest towns in the world, there is thus a substantial danger, which implies that smaller towns are also less viable.
World’s Most Costly Cities
Three cities share the details of the costliest city in the world for the first time in the history of the survey: Singapore, Hong Kong, and Paris, capital of France.
Singapore is the only city in the top ten which has retained its rating from last year. The top ten are mainly divided between Asia and Europe. In the rest of Asia, Osaka joins Singapore and Hong Kong in the top 10 in Japan and Seoul in South Korea. Since last year the city of Japan has moved six places and is now fifth with Switzerland.
As the costliest cities in the world, Paris is joined by the normal European – Geneva & Zurich, both in Switzerland and Copenhagen in Denmark.