Inflation might be the lowest in decades, but relative to the rest of the world, Sydney, and to a lesser extent Melbourne, are becoming more expensive.

Sydney has come in at number 32 in the list of the world's most expensive cities compiled by Numbeo, the world's biggest price aggregation website, up from 41 a year ago. Melbourne is number 64, up from 77.

Sydney is number 32 in the list of the world's most expensive cities, according to price aggregation site Numbeo. Credit:Louise Kennerley

Hamilton in Bermuda has the world's most expensive cost of living, at 145 per cent of New York costs, compared to Sydney at 91 per cent and Melbourne at 85 per cent.

The prices scraped from websites and reported by volunteers show childcare for one month costs $1922 in Sydney and $1343 in Melbourne compared to $2158 in New York.