If you’re living in Sydney and Melbourne and feeling the squeeze, you’re not imagining things. The two capitals have been named among the top 10 most expensive cities in the world to live, according to the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living Survey.
The bi-annual survey compares 131 cities using more than 400 individual prices across 160 products and services, such as rental costs, transport, food, utilities, clothing and household supplies.
Sydney and Melbourne ranked fifth and sixth respectively, while Singapore took the crown as the most expensive city. Brisbane and Perth jointly ranked 21st, and Adelaide came in 37th. Overall Australia fell in costliness rankings in 2014.
Mumbai in India is the world’s least expensive city, and New York – used as a baseline for the survey – places 26th.
Currency fluctuations play a significant role in the rankings, with a large rise in the Singaporean dollar believed to have had a strong impact on that city’s ascendancy to the top of the chart.
Australian cities are often ranked among the world’s most livable, but that comfort doesn’t come without a price-tag.
World’s 10 most expensive cities to live in 2014
3. Oslo, Norway
4. Zurich, Switzerland
6. Caracas, Venezuela
6. Geneva, Switzerland
10. Copenhagen, Denmark