Question: Consider the following statements regarding the Worldwide Cost of Living Survey released recently:
1) This report is prepared by Economic Intelligence Unit (EIU)
2) Singapore is the most expensive city in the world followed by New York
3) The list compares the cost of 160 items, such as food, drink, transport, utility bills, and rent, in 133 cities
4) Capital New Delhi is ranked 123rd in the list as one of the least expensive cities
Of the above correct statements are:
(a) 1, 2 and 3
(b) 1, 3 and 4
(c) 1, 2 and 4
(d) All of the above
Answer: (b)
Related facts:
- Economic Intelligence Unit (EIU) released the latest Worldwide Cost of Living Survey report recently. The survey compares the cost of 160 items, such as food, drink, transport, utility bills, and rent, in 133 cities. The company used New York as a benchmark to serve as a point of comparison for the cities.
- EIU found that costs in the cheapest cities were low by Western standards, partly because of the low wages limiting household spending are the norm there.
- The annual index was designed for helping the companies calculate cost-of-living expenses for migrants and business travelers.
- It is the first time that the top spot is bagged by 3 cities namely Singapore, Hong Kong and Paris.
- This is the sixth time that Singapore came on the top spot.
- The top 10 ranks include 4 cities of Europe (Paris 1st , Zurich 4th , Geneva 5th and Copenhagen 7th), 4 cities of Asia (Singapore 1st , Hong Kong 1st , Osaka 5th, Seoul 7th and Tel Aviv 10th) and 2 cities of US (New York 7th and Los Angeles 10th).
- Inflation and volatile currency fluctuations brought changes in the rankings of this year, with places like Argentina, Brazil, Turkey and Venezuela all witness a sharp fall in their cost of living ranking.
- Cities in warzone like situation had witnessed a very sharp decrease in the cost of living making them the cheapest cities in the world.
- Caracas of Venezuela is the cheapest city in the world while war hit Damascus of Syria is at second spot. Tashkent,capital city of Uzbekistan and Almaty of Kazakhstan are at 3rd and 4th position respectively.
- Bangalore holds 5th position in five cheapest cities in the world category.
- In the domain of World’s Most Affordable Cities To Live, New Delhi is ranked 123rd. It was followed by Chennai ranked 125th and Bengaluru, which was ranked 129th.
Links:
http://www.eiu.com/topic/worldwide-cost-of-living
https://www.bbc.com/news/business-47617206
https://www.thehindubusinessline.com/news/world/paris-hong-kong-join-singapore-as-the-worlds-most-expensive-cities/article26583346.ece
https://www.techtimes.com/articles/239971/20190320/these-are-the-worlds-most-expensive-cities-according-to-eius-worldwide-cost-of-living-report.htm