New cost of living report puts Sydney in the top 10 most expensive cities for the first time

This article is more than 2 years old

This article is more than 2 years old

Sydney is among the top 10 most expensive cities in the world to live, with the cost of living now higher than in New York and London, according to a new report.

The study by the Economist Intelligence Unit raised Sydney by four places from last year’s list to 10th place.

Comparing the prices of 160 products and services, the Worldwide Cost of Living 2018 Report analysed 130 cities based on the cost of food, clothing, rent, transport, utility bills, private school fees, domestic help and recreational costs.

Singapore remains the world’s most expensive city to live in, with two other Asian cities in the top 10: Hong Kong (fourth) and Seoul (sixth).

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Seoul, Tokyo and Hong Kong are the three most expensive places in the world to buy staple goods, but Tokyo – the world’s most expensive city until 2013 – and Osaka have been pushed out of the top 10 by low inflation in Japan.

Apart from Paris (second), cities outside the eurozone were the most expensive in Europe, with Zurich, Oslo, Geneva and Copenhagen all reaching the top 10 due to particularly high prices for household items, recreation and entertainment.

There are no US cities in the top 10 in this year’s report, with New York slipping from ninth in 2017 to 13th this year, and Los Angeles from 11th to 14th position.

The sharp fall in the pound after the Brexit referendum drove prices down in the UK, making London (ranked 30th) the cheapest it has been in over 20 years for overseas visitors, the report’s authors said.