The people living in the Kathmandu may be struggling to live due to constantly rising prices of commodities but in the world it is among one of the world’s least expensive cities.
According to the survey of Worldwide Cost of Living 2014 published by Economist Intelligence Unit, Kathmandu is among the least expensive cities out of 131 across 93 nations. The EIU’ worldwide Cost of Living Survey is a relocation tool that uses New York City as a base. This survey is released twice a year by the EIU, which compares more than 400 individual prices across 160 products and services in 131 cities. It compares the products like food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, recreational costs and domestic help. For example, 1 Kg of bread in Kathmandu would cost $1.26, While in Mumbai it would be $0.91, while $4.82 in Singapore.
Out of 5 least expensive cities in the world Kathmandu ranks in the fifth place while Mumbai city of India is in the top.
The top 5 least expensive cities
1. Mumbai, India
2. Karachi, Pakistan
3. New Delhi, India
4. Damascus, Syria
5. Kathmandu, Nepal
On the other hand Singapore is one the top list of World’s expensive cities by dropping the last year’s title holder Tokyo to the sixth place. The Singapore’s strong currency combined with high cost of running a car and sailing utility bills contributed to Singapore in topping the list. It is also the most expensive city to buy clothes.
The top 5 expensive cities in the world
1. Singapore, Singapore
2. Paris, France
3. Oslo, Norway
4. Zurich, Switzerland
5. Sydney, Australia
According to the Nepal’s yearly inflation static of fiscal year 2012-2013 shows Kathmandu recorded 7.4% rise while the terrain and hills regions posted year-on-year inflation of 8.1% and 9.7%, respectively. Which shows the rate of price increase in Kathmandu is less than other regions of Nepal.