11:22 2002-07-12

MOSCOW SECOND MOST EXPENSIVE CITY

An annual report has placed Moscow as the second most expensive city in the world, after Hong Kong and in front of Tokyo, in third place.

The London-based Mercer Human resource Consulting group has published its yearly report, ranking cities in order of their cost of living. Tokyo drops from world’s most expensive city status to third place, behind Moscow, while Hong Kong takes top spot. London is classified as the most expensive city in the European Union, while New York ranks as the most expensive in America.

However, John Murphy, the group’s global marketing director, pointed out that “You do not always see a balance between quality of life and cost of living”. Explaining Moscow’s high position, he stated that “things like the price of fresh fruit and quality clothing”, giving an example that a suit bought in London’s Bond Street for 850 USD would cost no less than 1,330 USD in Tverskaya Street in Moscow.

Zimbabwe’s capital, Harare, is the most expensive city in Africa, ranking in 26th place in the world classification, while South Africa’s Johannesburg gains its place as the world’s cheapest city. Cities in New Zealand and Australia have the best quality/cost ratio.

The study took into account the same basket of 200 items, ranging from clothes and luxury hotels to household appliances and bathroom products.

John ASHTEAD
PRAVDA.Ru
LONDON UNITED KINGDOM