BUSINESS

World's Most, Least Expensive Cities To Live In, 2013

02/05/2013 05:13 EST | Updated 02/05/2013 05:14 EST
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Thinking about relocating to Tokyo? Well you'd better pinch those pennies because once again it has been named the world's most expensive city to live in.

The Economist's Worldwide Cost of Living report for 2013 has many of the usual suspects in the top 10, including cities in Japan, Western Europe and Australia.

There was one surprise at number nine: Caracas, Venezuela. But the South American city may have only snuck in on a technicality. The Economist reports:

Price volatility in the Venezuelan capital has certainly been strong—so strong, in fact, that official inflation

reached almost 20%, while aggregate price movements in the survey were over 25% year on year ... In

fact, using a parallel “unofficial” exchange rate for the bolívar of around 14:1 for the last year would make

Caracas the joint cheapest city in the ranking, alongside Mumbai and Karachi.

For aspiring expats on a budget, South Asian and Mideast destinations ranked among the cheapest places to live. However, you'd be sacrificing safety to keep costs low. The report notes that cities ranking near the bottom have "well documented security issues or domestic unrest."

The Economist ranked the cities included based on the cost of products and services, such as gas, food, rent and transportation. For example, the average price for a loaf of bread in Tokyo is $9.06 USD, compared to $1.76 in Karachi, Pakistan.

See the top 10 least and most expensive cities below:

2013's Most And Least Expensive Cities To Live In