London: London is cheaper than New York for the first time since 2002, as the British pound tumbled in value, according to a survey by the Economist Intelligence Unit (EIU).
London fell to the world’s 27th most expensive city from eighth place six months ago, EIU said in a survey published on Tuesday. New York rose to 14 places to 23rd most expensive. Tokyo was the costliest city and Karachi, Pakistan, was the cheapest.
The least expensive cities after Karachi are Tehran, Mumbai, New Delhi, Kathmandu, Nepal, and Tripoli, Libya.
The survey measures the prices of 160 products and services, including food, alcohol, utilities and clothing. It doesn’t include commercial or residential rent.