Dublin is in the top 20 of 133 cities surveyed for cost. Stock Image

Dublin has overtaken London in a world-wide cost of living ranking because of the Brexit-induced weakening of sterling.

The survey by The Economist Intelligence Unit said the weakening of sterling since the Brexit vote has pushed the UK capital down the rankings.

Dublin is ranked 19th out of 133 cities, while London has fallen to 30th place, its lowest ranking in 20 years.

Last year, the capital was marginally cheaper than London, ranking 25th in the survey, while London was ranked 24th.

The survey, which assesses the cost of a basket of more than 150 goods such as food, drink and clothing across 133 cities around the world, found the sharp decline of sterling and continued economic uncertainty resulting from the EU referendum have pushed London and Manchester sharply down the rankings.

London's fall means the UK capital is now 9pc cheaper than Dublin and 30pc cheaper than Paris, the survey notes. Manchester has seen the biggest global decline in the past two years and drops to 56th place.

Paris is the second most expensive city jointly with Zurich.

Singapore tops the ranking, with Hong Kong in fourth place, Oslo in fifth and Geneva in sixth. The cheapest cities include New Delhi and Bucharest.

The report's author said that while the declines mean British cities are cheaper compared to their international peers, the rise in import prices caused by the weak pound will mean locals won't see their own shopping baskets falling in price.

"Intense competition among British retailers accompanied by low oil and commodity prices has kept significant rises in check over the last few years," said Roxana Slavcheva, editor of the' Worldwide Cost of Living' report.

"But now rising import prices mean that British shoppers will notice higher levels of inflation, even as businesses potentially benefit from inbound retail tourism and cross border trade."

Dominated

Singapore retains its title as the world's most expensive city for a fifth year running in a top 10 largely dominated by European cities.

Tokyo, which was the world's most expensive city until 2013, has moved seven places down the ranking in the past 12 months.

Conversely, Seoul, which was ranked 21st five years ago, is now sixth. Tel Aviv, which was 34th just five years ago, is now the ninth most expensive city in the survey.

No North American city is in the top 10, although New York is 13th and Los Angeles is 14th.

Irish Independent