India has the lowest prices in the world says Deutsche Bank
By Tommy Stubbington May 13, 2014 9:43 AM
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A customer pays for a Fosters beer at the Occidental Hotel in central Sydney June 21, 2011. Australia's Foster's Group has rejected a A$9.5 billion ($10.1 billion) cash takeover offer from global brewing giant SABMiller as too low, offering only a slim premium for Australia's largest brewer. (REUTERS/Tim Wimborne)
What’s the world’s most expensive city for a pint of beer? How about a pair of jeans? Or a date?
Sadly for French beer quaffers, Swiss fashionistas, and romantically-inclined Brits—the answers are Paris, Zurich, and London.
Deutsche Bank has compared the price of everything, everywhere (OK, not quite), so you don’t have to. And for a third year in a row, the priciest country in the world is Australia (that’s of the 19 countries included in the survey).
If you’re looking for the lowest prices overall, head to India. A weaker rupee has helped it remain the least expensive major economy despite persistently high inflation. Among developed countries, the U.S. is easiest on the wallet. Brazil is costly by emerging-world standards.
But the overall rankings mask some sharp differences for individual products. A day’s car rental in China costs $31.90, a mere 26% of the price in the U.S. But Levi’s jeans, Adidas trainers, or an iPhone 5 are all cheaper in the States.
Moscow’s five-star hotel rooms are ruinous—at $905.60 a night, more than double the New York equivalent—and it’s the costliest city for a weekend getaway. But public transport in the Russian capital is a snip.
The survey also tracks the cost of living in major cities. Tokyo, by far the most expensive back in 2001, is now cheaper than a number of cities including Melbourne, Geneva, Oslo and Caracas.
Zurich deserves another mention for the eye-watering cost of its hairdressers—at $60.47, a haircut there is 15 times pricier than in Mumbai. Indian cities are also the cheapest for a date.
The widest disparities are in the cost of basic health insurance, with nowhere else on earth remotely close to U.S. prices. Australia is in second place at 34% of the U.S. figure. In the U.K. its 21%. India, Indonesia, and the Philippines are the cheapest at just 1%.
The price of a date in London includes cabs, burgers, drinks, and a trip to the movies. Cheapskates could plump for a long walk along the river instead. Just don’t get too ambitious about buying a riverfront apartment. |
