Montevideo has gone down in the ranking of most expensive cities
According to Mercer consulting firm’s work (which takes New York as a benchmark), Montevideo is the 113th most expensive city to live in as per the 2014 ranking, much cheaper than in 2013 when it ranked 87th.
The study is based on data from the Cost of Living Annual Survey which compares the cost of over 200 goods and services in each place, including housing, transport, food, clothes, household goods and entertainment.
Meanwhile, Buenos Aires dropped in the ranking and its 2013 position at No. 59 went down to 86 on the list, despite, according to Mercer, the sharp increase in the prices of goods and services reported in Argentina.
Sao Paulo is followed by Rio de Janeiro, which ranks 65th. In the previous survey, Río held position No. 29.
Other cities in the region that dropped down the list were Santiago in Chile, going from 63rd to 88th, and Bogota in Colombia which ranked 60th and fell to 98th. The cheapest in Latin America is Managua, in Nicaragua, which holds position No. 207.
When deciding on a holiday destination, it is worth mentioning that London is the 12th most expensive city in the world, while Paris comes in 27th and Rome 31st.
The most expensive cities in the world and topping the list are Luanda in Angola, and N’Djamena in Chad, occupying positions 1 and 2. The theoretical podium is completed by Hong Kong.
Singapore is in 4th place and Zurich in Switzerland having escalated three positions now ranks 5th, followed in 6th place by Geneva, also in Switzerland.
Tokyo, the capital of Japan, fell four places and is No. 7. Bern, in Switzerland, is the 8th city on the list, whilst Moscow, in Russia is 9th, and Shanghai, in China, holds position No.10.
The report indicates that currency fluctuations and the impact of inflation on goods and services have influenced the cost of employee programs, as well as the rankings of the cities.
In the United States, for example, cities climbed due to the relative stability of the US dollar against other currencies. The most expensive city in the region is New York, which ranks 16th and is also taken as a benchmark for the survey.
The cheapest city on the list is Karachi in Pakistan, maintaining the same position as in 2013.