The world's 10 most and least expensive cities to live in are...

Singapore is this year’s most expensive city to live in while Mumbai is the least expensive.

16:56 04 March 2014

The Economist Intelligence Unit has released its bi-annual report which revealed that Singapore is the most expensive city to live in.

When ranking global cities, the organisation considers credits currency appreciation, solid price inflation and costs of living.

The report says: "Car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car.”

"As a result, transport costs in Singapore are almost three times higher than in New York. In addition, as a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs."

On the other hand, Mumbai, India is the least expensive city to live in.

"Income inequality means that low wages proliferate, driving down household spending and creating many tiers of pricing that keep per capita spending low.

"This, combined with a cheap and plentiful supply of goods into cities, as well as government subsidies on some products, has kept prices down, especially by Western standards."

The world’s 10 most expensive cities to live in 2014

1.    Singapore
2.    Paris
3.    Oslo, Norway
4.    Zurich Switzerland
5.    Sydney
6.    Caracas, Venezuela/ Geneva, Switzerland/ Melbourne/ Tokyo
7.    Copenhagen, Denmark

The world’s 10 most inexpensive cities to live in 2014

1.    Mumbai, India
2.    Karachi, Pakistan
3.    New Delhi
4.    Kathmandu, Nepal
5.    Damascus, Syria
6.    Algiers, Algeria
7.    Bucharest, Romania
8.    Panama City, Panama
9.    Jeddah, Saudi Arabia
10.    Riyadh, Saudi Arabia