Colombo among cheapest cities in the world

5 February 2013 04:15 am - 51 - {{hitsCtrl.values.hits}}

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Sri Lanka’s Colombo is one of the least expensive cities in the world, according to an annual survey released on Monday.

Mumbai in India and Karachi in Pakistan were the joint cheapest locations in the Economist Intelligence Unit's (EIU) worldwide cost of living index survey followed by New Delhi, the Nepalese capital of Kathmandu and Algerian capital of Algiers, reuters reported.

While Asia and Australasia is home to 11 of the 20 most expensive cities, the region is also home to six of the 10 cheapest.

Referring to India and its forecasts for growth, the EIU said: "Income inequality means that household spending levels are low on a per capita basis, which has kept prices down, especially by Western standards."

Rounding out the bottom 10 were Bucharest in Romania, Colombo in Sri Lanka, Panama City, Jeddah in Saudi Arabia, and Iranian capital Tehran.

The cost of living the Australian dream has surged with Sydney and Melbourne among the five most expensive cities in the world, outstripping most European and US locations, according to an annual survey released on Monday.

Asia and Australasia account for 11 of the world's top 20 most expensive cities, with eight from Europe and one from South America, the Economist Intelligence Unit's (EIU) worldwide cost of living index found. No North American cities featured in the top 20.

This compared to a decade ago when there were six Asian cities, 10 European cities and four US cities in the top 20 of the list that calculates living costs in 131 cities in 93 countries and is used by companies for costing when relocating staff.

In the 2013 survey, Tokyo reclaimed the title as the world's most expensive city. Currency swings pushed Zurich into the No.1 position last year but government exchange rate controls have driven the Swiss city back to No.7 in the list.

Osaka in Japan was ranked the second most expensive.

Jon Copestake, editor of the EIU Worldwide Cost of Living Index, said one of the most notable changes was the rising costs in Australia, with Sydney third in the list and Melbourne fifth. Sandwiched between them was Oslo in Norway.

"Ten years ago there were no Australian cities in the top 50 most expensive cities and I have not seen this sort of climb with any other cities," Mr Copestake told Reuters.

"But economic growth has supported inflation and the strength of the Australian dollar against other currencies besides the US dollar has driven up costs. Visitors will certainly feel the difference and people living there will have noticed prices have crept up," he added.

The survey is based on costs of over 160 items ranging from food and clothing, to domestic help, transport and utilities.

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Comments - 51

Devaka Wednesday, 06 February 2013 04:07 AM

Never been to Bangkok?

GC Tuesday, 05 February 2013 12:06 PM

and people's salaries!

ravisandu Tuesday, 05 February 2013 06:55 AM

Sure why not? Life is also cheapest in Colombo it seems to be.

dilan Tuesday, 05 February 2013 12:07 PM

Good think man..we love our mother land its good or bad, but sure it s very good for us ..we sri lankans and we dont want breack our country name because of few hungers..welcome to sri lanka for all dont think about some negative comments..jaya sree...

HEWA Wednesday, 06 February 2013 04:21 AM

CHEAP THINGS NO GOOD....AND GOOD THINGS NO CHEAP!

Raja Raju Tuesday, 05 February 2013 06:55 AM

So the truth is our cost of living is higher than India and Pakistan, according to International level.

man hatton Tuesday, 05 February 2013 12:10 PM

SL can be proud of this.

nimali Tuesday, 05 February 2013 06:56 AM

This report is Bullshit

Lucky Weeramantry Tuesday, 05 February 2013 07:00 AM

Certainly Colombo Is The Cheapest City, Because Our Daily Meal Is Pol Sambol And Rice.

Tintin Tuesday, 05 February 2013 08:34 PM

Cheap thing no GOOD. Good thing no CHEAP!

Jeeva Tuesday, 05 February 2013 06:57 AM

That is because the Srilankan economy

jayantha silva Tuesday, 05 February 2013 07:09 AM

Well said , depends on who you know though ........

DHA Tuesday, 05 February 2013 07:13 AM

Maybe for the family.....they have purchased half of Colombo's buildings.....

Lucky Weeramantry Tuesday, 05 February 2013 07:13 AM

Colombo Is The Only City Which Has The Most Expensive Cars Like Roll Royces And Well As The Cheapest Mode Of Transport

mohamed asfar Tuesday, 05 February 2013 07:10 AM

please visit sri lanka and enjoy.

Ray Tuesday, 05 February 2013 07:14 AM

Bullshit!
Very soon we will b the worlds most expensive city.

Cynic Tuesday, 05 February 2013 07:12 AM

No. All politicians are "thuttu dekay" (2 cents worth) ones.

Lucky Weeramantry Tuesday, 05 February 2013 07:15 AM

Colombo Has The Most Corrupt Billionaires

Sumith Wednesday, 06 February 2013 04:52 AM

Nothing to say.

raj Tuesday, 05 February 2013 12:38 PM

And people in the city can't even afford the cheapest of things.

Lucky Weeramantry Tuesday, 05 February 2013 07:16 AM

Unbelievable!

Gayanga Wednesday, 06 February 2013 04:58 AM

Are we expected to be happy about this news :)

Lucky Weeramantry Tuesday, 05 February 2013 07:19 AM

Yes Colombo Is Cheapest And Poorest City In The World

Ann Tuesday, 05 February 2013 07:24 AM

Eh?

root Tuesday, 05 February 2013 07:26 AM

May be it is true for the foreigners. but it is a very expensive city among Sri Lankan.

ShehanR Tuesday, 05 February 2013 12:53 PM

only for foreigners.

banana republic Wednesday, 06 February 2013 10:17 AM

wonder of Asia..

Shevon Wednesday, 06 February 2013 10:22 AM

Why are we so negative about our country. This is a good thing and lets be happy about it for once.

Naman Wednesday, 06 February 2013 10:54 AM

Not for the ordinary citizens of Sri Lanka.
It is so for people connected to th GoSL,businessmen,& foreigners!!!

Naman Wednesday, 06 February 2013 10:59 AM

Our country is becoming cheap to tourists from all other countries. We are turning in to a country service the rest of the world. Hopefully the Sri Lankans could survive on the left overs of the tourist!

Abbath Tuesday, 05 February 2013 07:41 AM

lol

Kabral Tuesday, 05 February 2013 07:38 AM

Within few years, we will be among the top 10. But the city will be ....... Hambanthota.

sobers Wednesday, 06 February 2013 11:06 AM

Quite correct cheap city, cheap country, cheap in everything... thats why we are treated so cheaply by developed countries, our passport has no value, Visas required!

reader Tuesday, 05 February 2013 12:00 AM

and we complainn of cost of living via DM Android App

Lmfao Tuesday, 05 February 2013 12:00 AM

cheapest country in what format? goods over here are damn expensive! A coffe costs 270 bucks at coffee stop.. -.- via DM Android App

JZ Tuesday, 05 February 2013 12:00 AM

according to the salary scale of people It is the most expensive city to be in. just bull talk by media. via DM Android App

heeman Tuesday, 05 February 2013 12:00 AM

good to hear about it. i should move from kandy to colombo..lol via DM Android App

Rod Tuesday, 05 February 2013 03:05 PM

Cheap in many ways. Low quality of leaders, low quality public utilities, public transport etc. Cheap indeed.

ceylonese Wednesday, 06 February 2013 12:00 AM

they may be using grandfather reports.... via DM Android App

Richardson Wednesday, 06 February 2013 06:48 AM

Please accept the truth, Hotel rates are way too high compared to other hotels in the region, because is govt. controlled . Service is poor. only a few or none can speak foreign languages like German, Italian, French,or Japanese.

Out of Colombo tourists have to eat , rice, rice and rice all three mails.

RW Tuesday, 05 February 2013 03:48 PM

Well if you earn in pounds or dollars, yes Sri Lanka is pretty cheap. And if you walk to places it is certainly cheap. This is some kind of a cruel joke.

Shehan Jayawardene Tuesday, 05 February 2013 05:01 AM

Is this an April Fools joke?

Vajira Herath Tuesday, 05 February 2013 05:01 AM

they should consider about quality of goods also before ranking

Living the dream Tuesday, 05 February 2013 05:06 AM

That is because the SL economy is one of the worst in the world and the standard of living is one of the poorest, so it is no suprise that your capital is the cheapest.

citizen A Tuesday, 05 February 2013 05:03 AM

A recent study carried out by the Economist Intelligence Unit (EIU), the sister company and research arm of The Economist magazine, based on economic forecasts up to 2030, roughly gives us a picture of the socio-economic conditions that children born in 2013 will face when they reach adulthood. In an attempt to measure which country will provide the best opportunities for a healthy, safe and prosperous life in the years ahead, Sri Lanka was ranked 63 in a list of 80 countries. Based on this EIU study, The Washington Post opines that “you are worse off being born in any of these three countries, according to the data, than you are just about anywhere else, including Sri Lanka, a poor hot bed of ethnic violence, oppressive Vietnam or even Syria”.

Jimbo Tuesday, 05 February 2013 05:08 AM

Australia has the best performing economy in the world and the most livable country.

Richardson Wednesday, 06 February 2013 07:07 AM

Even a piece of tail is more expensive than in other countries around.
How about blow jobs ???

Goodmaen Tuesday, 05 February 2013 05:07 AM

Appoo kata wahanna. Don't tell it to our government. Then again there will b a rocket price hike with citing this news.

zamee Tuesday, 05 February 2013 12:00 AM

expensive city is a colombo no i think most worst city via DM Android App

Think Tuesday, 05 February 2013 12:00 AM

Most of you commenting here has no idea what this means do you?? it means our cost of living is higher than Indian cities but less than that of developed countries. Having high cost of living shows the standard of life in those cities is high and at the same time it means people's average income is higher. So what you can get from this is colombos average income for a person is more than that of indian cities. In colombo most of the people can afford a avg proper meal. In Indian cities few can afford a 6 cousre meal in 5* hotel and most cant afford a proper meal. In developed cities most can afford very good meal from good resturants. So col is more in developed countries because most can afford expensive things. via DM Android App

Confused Tuesday, 05 February 2013 11:07 AM

so bandula gunawardana's theory a family needs 7500 rupees per month is right???? LOL

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Colombo among cheapest cities in the world

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