Moscow most expensive city in the world

Country:  China; Japan

9 December 2008 

Moscow has replaced London as the globe’s most expensive city, mainly due to the significant weakening of the UK pound over the past few months, according to ECA International, a human resources consultancy which tracks the cost of living in cities around the world.

The depreciation in the UK pound means that London is listed at just 72nd, well behind a number of other European cities, such as Copenhagen, Vienna, Paris, Oslo, and Berlin.

Wild fluctuations in currency exchange rates has also made Seoul, China, far cheaper for foreigners, while four Japanese cities are now in the top five.

A Reuters report says: “A 48% depreciation in the South Korean won means goods and services in Seoul - which a year ago were 5% more expensive than in Tokyo - are now 40% cheaper than prices in the Japanese capital.”