Wednesday, 23 March 2016

Try this: Worldwide cost of living index

A couple of weeks ago, The Economist posted a graphic which summarises the cost of living for 133 cities around the word, based on a report by the Economist Intelligence Unit. The report explains:
The Worldwide Cost of Living is a twice yearly Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.
Essentially the index summarises the cost of living for "expatriates and business travellers", and is "designed to help human resources and finance managers calculate cost-of-living allowances and build compensation packages".

Interestingly, the graphic lets you compare the cost of living changes from one year, five years, and ten years ago. All are relative to the costs of New York City (where the index is set to equal 100 for September 2015).

Singapore was the most expensive city last year, followed by Zurich and Hong Kong (second equal). Of New Zealand cities, the report includes only Auckland (ranked 38th equal, along with Brussels, Madrid, and Barcelona) and Wellington (ranked 42nd equal, along with Noumea, Stockholm, and Seattle). Interestingly, both Auckland and Wellington were more expensive than New York City, up until this year.

Try it out for yourself!

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