Singapore is the world's costliest city, Mumbai, Delhi cheapest

Singapore has been steadily moving up the ranking over the last decade. Its rising price prominence has been steady rather than spectacular.

The city-state was 18th most expensive ten years ago and has actually seen the cost of living compared with New York City decline over the last one year.

Transport costs in Singapore are almost three times higher than in New York.

Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs.

Singapore is also the priciest place in the world to buy clothes.

Cheapest cities

Mumbai is the cheapest location. Its title as the world’s cheapest city is a reflection of the structural factors that define price within the Indian subcontinent.

Although India has been tipped for future growth, much of this is driven by its large population and the untapped potential within the economy.

Meanwhile, the Romanian economy has been improving and although wages are low by western European standards, prices are too, which makes it difficult to leave.

Panama City (Panama), Riyadh and Jeddah (Saudi Arabia) also offer cheap cost of living in a more stable environment, with price controls on staples in Saudi Arabia continuing to guarantee low prices for many goods.

Survey : The Economist Intelligence Unit