The Norwegian and Danish capitals have once again been named as two of the most expensive cities in the world. The news comes via The Economist December 2012 Cost of Living Index, which placed Oslo as the fourth most expensive city worldwide, whilst Copenhagen took 15th place behind Frankfurt and Hong Kong and just ahead of London.
Meanwhile, only Tokyo, Osaka and Sydney are the only cities that are more costly than the Norwegian capital, according to the report. Despite the news, costs are down in both Scandinavian cities compared to five years ago. However, only 12 locations listed in the report – primarily cities in Australasia – have seen the cost of most goods increase in recent years, according to a Copenhagen Post report issued on Tuesday (12 February).
Officials from The Economist said the bi-annual index takes into account the costs of 160 necessary products, notably housing, transport, food and beverage, as well as recreational expenses. Researchers convert the prices for each product into US dollars and use the cost of the same products in New York City as a reference point.
The cheapest cities in the December 2012 index were Karachi, Mumbai, New Delhi and Bucharest, respectfully.