SEOUL, Mar. 20 (Korea Bizwire) – A recent report has revealed that Seoul is the seventh most expensive city in the world.
According to the Worldwide Cost of Living 2018 report published by the Economist Intelligence Unit (EIU) on Monday, Seoul shared seventh place with New York and Copenhagen, Denmark, among 133 cities surveyed.
The result is one step down from last year’s sixth place.
According to the EIU, it is the first time in 30 years that three cities have jointly topped the list.
The EIU ranked prices in cities according to the Worldwide Cost of Living Index (WCOL index), which reflects prices of 160 products and services such as food, clothing, housing, transportation, and school expenses, with prices set at a benchmark of 100 in New York.
Seoul was the most expensive city in the top 10 with an average price of US$15.59 for a kilogram of bread, while men’s two-piece suits cost an average of US$2,074.03 for the second highest price following New York (US$2729.77).
The average beer price was $3.13, the third highest after New York (US$3.33) and Zurich (US$3.25). On the other hand, the price of a female hair cut was US$60.13, the cheapest.
The most expensive cities in the world were Paris, Hong Kong and Singapore. The world’s cheapest city was Caracas, Venezuela, which is suffering from a severe shortage of necessities amidst a period of political unrest.
European cities typically had the highest prices in categories such as home, personal life and entertainment. This reflects the relatively ample discretionary income among many Europeans.
Ashley Song (email@example.com)