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Moscow Leapfrogs Tokyo as World's Most Expensive City

Date: 29.06.2006

Russia's capital Moscow topped a ranking of the world's most expensive cities, surpassing Tokyo, a survey shows.

The study by Mercer Human Resource Consulting ranked 144 cities around the world. It measured the comparative cost of more than 200 items such as housing, transportation and food. Moscow is followed by South Korea's Seoul. Japanese capital was ranked third. After Moscow, Europe's priciest cities were London, ranked No 5, and Geneva, ranked No 7.

New York moved up three spots to No 10, thus remaining North America's costliest city, followed by Los Angeles and San Francisco.

Chinese cities - including Hong Kong at No 4, Beijing at No 14, and Shanghai at No 20 - marked a surge mainly thanks to the yuan's strength after being de-pegged from the US dollar.

Brazilian cities Sao Paolo and Rio de Janeiro also moved upward to No 34 and No 40 from No 119 and No 124, respectively.

The study found Paraguay's Asuncion to be the least expensive city in the world.

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