Sharp exchange-rate movements since the autumn have affected the relative cost of living in the world’s main cities. The strengthening dollar has pushed American cities up in the rankings compiled by the Economist Intelligence Unit,a sister company of The Economist.
Chicago now shares the ranking as the world’s 23rd most expensive city,up from 39th place in September 2008. Meanwhile,the plunging pound means that,for the first time since 2002,London is cheaper than New York. Asia is home both to the cheapest city in the survey,Karachi,as well as the priciest,Tokyo,which has grabbed the top spot from Oslo on the back of a stronger yen. Living in Tokyo is 52% more expensive than living in New York.
© The Economist Newspaper Limited 2009