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The most expensive cities in the world are revealed

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Paris is next to Hong Kong and Singapore at the top of the world's most expensive cities.

It's the first time that three cities share top spot in the 30-year history of the Economist Intelligence Unit's annual survey, which compares prices in 1

33 cities worldwide.

The French capital, second only to the most expensive cities last year, is the only Eurozone city in the top ten.

The survey compares the cost of common items such as bread in 133 cities.

It then tracks whether prices have gone up or down by comparing them to the cost of living in New York, which is used as a benchmark dollar.

Haircut comparisons

Report author Roxana Slavcheva said that since 2003 Paris has been among the top ten most expensive cities and was "extremely expensive" to live in.

"Only alcohol, transport and tobacco offer value money compared to other European cities," she said.

The average cost of a haircut for women, for example, is $ 119.04 in Paris, compared to $ 73.97 in Zurich and $ 53.46 in the Japanese city of Osaka.

"European cities tend to face the highest costs in the household, personal care, recreation and entertainment sectors – with Paris being a good representative in these categories – which may reflect a higher discretionary spending premium," said Ms. Slavcheva ,

The ten most expensive cities in the world

1. Singapore (Singapore)

1. Paris (France)

1. Hong Kong (China)

4. Zurich (Switzerland)

5. Geneva (Switzerland)

5. Osaka (Japan)

7. Seoul (South Korea)

7. Copenhagen (Denmark)

7. New York (USA)

10. Tel Aviv (Israel)

10. Los Angeles (US)

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Caracas was ranked as the cheapest city

Inflation and volatile exchange rate volatility contributed to changes in this year's ranking, with countries such as Argentina, Brazil, Turkey and Venezuela all recording a sharp decline in their cost of living.

Caracas in Venezuela, where inflation reached 1,000,000% last year and forced the government to adopt a new currency, was ranked as the most cost-effective city in this year's poll.

The price of a cup of coffee in the capital, Caracas, doubled to 400 bolivars (£ 0.62) within one week of December, according to Bloomberg,

. Damascus in Syria was named the world's second city.

The Economist Intelligence Unit said a "growing number of sites" are becoming cheaper due to the impact of political or economic disruption.

The ten cheapest cities in the world

1. Caracas (Venezuela)

2. Damascus (Syria)

3. Tashkent (Uzbekistan)

4. Almaty (Kazakhstan)

5. Bangalore (India)

6. Karachi (Pakistan)

6. Lagos (Nigeria)

7. Buenos Aires (Argentina)

7. Chennai (India)

8. New Delhi (India)

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