Cost of living: London loses positions

March 10

Posted by Red As News

The crisis of the pound bringing down the cost of living in London. Cheaper even Rome and Milan

The traditional classification of 'Economist on the cost of living in big cities in the world not normally reserves big surprises. But the crisis and the strong movements in global currency markets have upset the ranking. At least this is the result of 'upgrade, based on current exchange rates, the newspaper has done the survey in September 2008. All major European capitals thus become less expensive. E l 'Italy is no exception. Both Rome and Milan in fact decline in the position. The Lombard capital moves from 12th to 14th position, while the equity falls from 28th to 29th place. But these differences are insignificant when compared with those of other cities of the Old Continent, especially outside the Euro.

London and the capitals of 'Eastern Europe become "cheap"
The devaluation of the pound has slipped to 27th place in the British capital in the standings. Under New York for the first time since 2002. In September 2008 he was eighth. Recede above all the cities of 'East Europe. In recent weeks, the currencies of the former communist countries have been targeted, on fears that this may just be starting a wave of defaults from mortgages subprime real estate style. So Warsaw slips to some 47 locations ending up at 90th place.

Moscow knows the face of recession
Is not doing well even Moscow and St. Petersburg. In September of last year 'were respectively the 31st and 45th place. Now I'm at 63rd and 78th. Then the collapse of oil prices and price lists for the Moscow Stock Exchange (one of the few warm days to close the market crisis), have brought Russia to reality. After years of sustained growth (thanks to the immense reserves of gas and oil) Moscow also knows the face of recession. And the city, who in September was more expensive than New York, is now more convenient to Amman, the capital of Jordan.

Tokyo and Osaka at the top of the top five
Europe remains among the most expensive in the world. But some cities, which occupied the top positions in September, now receding. Is the case of Oslo, which goes from first to fifth place, by the 'weakening of the krona against major world currencies. The strengthening of the yen on the euro, by contrast, has boosted the Japanese cities of Tokyo and Osaka, respectively the first and second place (before they were in sixth and eighth). In the rest of the top five are Paris (dropped from second to third place), Compenaghen (who loses a position) and Oslo.

Watch the 10 most expensive cities (source: Economist)