The latest report by the Economic Intelligence Unit on global cost of living had Shanghai moving up by two places to 11th from 13th in 2015. The survey covers prices of 160 goods and services from 133 global cities.
Shanghai got an index score of 97, the same score received by Tokyo which used to be the most expensive city in the world for the past 20 years. Although the financial capital of China has moved up, it is still less costlier to live in Shanghai than in New York, reported Shanghai Daily.
Among the 160 items on the index’s basket of goods and services are house rental, clothing, food, drink, utility bills, personal care, household supplies, domestic help, private schools, entertainment and recreation.
The results of the survey have been confirmed by Shanghai residents who complained of the higher cost of a rental unit and taxi fares.
Inflation rate for eight items in February was 2.9 percent compared to 12 months ago The biggest increase was logged by health care at 5.7 percent, followed by wine, food and cigarettes at 5.1 percent, and housing at 4.6 percent.
The priciest city is Singapore, followed by Hong Kong which was tied with Zurich. Then came Geneva, Paris, London, New York, Copenhagen, Seoul and Los Angeles. On the opposite end is Lusaka in Zambia.
Another organization that ranks cities based on cost of living is Mercer. For its 2015 survey, Shanghai is the 6th most expensive city out of 207. Mercer, however, is made basically for expatriates.
Mercer added that statistics could be misleading, as it pointed out that “There is a wide variety of expat budgets which leads some to opt for a more economic lifestyle in the city, while others tend to live more extravagantly than they would back home, taking advantage of its luxuries and renowned nightlife.”