- Singapore and Paris were ranked as the most expensive cities in the world
- Venezuela’s capital, Caracas, was ranked number one as the cheapest city in the world
- Lagos, Nigeria's capital, was ranked among cheapest cities in the world at position 127
- An earlier survey ranked Kenya as fifth richest in Africa with Nairobi taking the biggest share of valued property
- The study compared more than 400 individual prices across 160 products and services like rent and food
- Residents of New York (7th most expensive city) spend an average of KSh 841 for a one kilogram of bread
A new study on the state of economy in different cities has revealed Nairobians are among people forking out the highest amount of money for daily survival.
The Economist Intelligence Unit Worldwide Cost of Living Survey 2019 ranked Kenya's capital city as the most expensive in Africa.
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At the global scene, Nairobi grabbed position 69 down from position 82 where it was ranked in early 2018.
This was attributed to steady appreciation rate of property and currency and other factors like inflation.
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"Currency fluctuations continue to be a major cause for changes in the ranking. In the past year, a number of markets have seen significant currency movements which have in many cases countered the impact of domestic price changes," the study indicated.Singapore was listed as the most expensive city in the world with its residents having to part away with at least KSh 340 for a one kilogram loaf of bread.
It was followed by Paris (France), Hong Kong (China), Zürich and Geneva (Switzerland), Osaka (Japan), Seoul (South Korea) and Copenhagen in Denmark.
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Other super expensive cities are New York (US), Tel Viv (Israel) and US's Los Angels that closed the list of top 10 most costly cities.
Residents of New York spend an average of KSh 841 for a one kilogram of bread according to the report.
Venezuela’s capital, Caracas, was ranked as the cheapest city in the world.
This was attributed to a significant worsening of economic conditions in 2018, with hyperinflation and a breakdown in public services fueling growing social unrest.
Other cheap cities were Damascus (Syria), Tashkent (Uzbekistan) Bangalore (India), Chennai, New Delhi (India) and Karachi (Pakistan).
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The study compared more than 400 individual prices across 160 products and services in over 130 countries.
These included food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs..
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