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  1. ITV Report

London slips down ranking of world's most expensive cities

London has slipped 18 places down the ranking of the world's most expensive cities - its lowest position in the cost of living ranking in 20 years.

Credit: PA

It was beaten by Singapore which took the top spot for the fourth consecutive year, according to The Economist Intelligence Unit. Hong Kong and Switzerland were second and fourth respectively.

  • 1) Singapore, Singapore
  • 2) Hong Kong, Hong Kong
  • 3) Zurich, Switzerland
  • 4) Tokyo, Japan
  • 5) Osaka, Japan
  • 6) Seoul, South Korea
  • 7) Geneva, Switzerland
  • 8) Paris, France
  • 9) New York, US
  • 10) Copenhagen, Denmark

After falling 18 places London is now 24th in the table.

Last year deflation and devaluations were a prominent factor in determining the cost of living, with many cities falling down the ranking owing to currency weakness or falling local prices.

Both prices and a number of currencies rallied during 2016 and, although inflation in many cities has remained moderate, the impact is reflected in the average cost of living.

– The Economist Intelligence Unit

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