After analyzing cities across the world, Economist Intelligence Unit (EIU) has declared Karachi to be the cheapest city in the world.
Economist Intelligence Unit (EIU) conducted a survey comprising 133 cities globally and used New York as a base to discover cost of living in each city. The EIU compared up to 400 separate prices of 160 products and services, which include: food, clothing, home rents, household commodities, personal care products, transport, utility bills, recreational cost etc.
The turn up concluded Karachi is the cheapest city in terms of prices of aforesaid items and services. The report also included the following cities which are: Bangalore, Caracas, Mumbai, and Chennai on the top of the list after Karachi.
Having four cities from South Asia added in the list, the EIU report added that a low-priced and plenteous supply of goods into cities from countryside producers with short supply chains, along with government subsidies on some items, has kept prices low, particularly by Western standards.
Moreover, it told that the Indian subcontinent may be structurally low-priced, but an increasing number of locations are also getting cheaper due to the impact of considerable political and economic disorder. This also suggests that there is a significant factor of hazard faced well-documented economic, political and security confrontations.
It is interesting to mention that the survey report had revealed Karachi to be the cheapest city last year as well.
On the other hand, the report also revealed five most expensive cities of the world, which were at the same position in the last year’s survey too. These include: Singapore at the top following by Paris, Oslo, Zurich, and Sydney as the most expensive cities.