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India second cheapest country to live in after South Africa: Survey

The metrics are local purchasing power index, rent index, Groceries index, and Consumer price index

Press Trust of India  |  Houston 

FMCG, goods, supermarket, groceries, grocery

is ranked second only to as the cheapest country to live or retire, according to a recent survey of 112 countries. The survey by ranked nations on the bases of four key affordability metrics provided by online pricing database Numbeo. The metrics are local index, rent index, Groceries index, and With the second lowest rent index among the 50 cheapest countries (after neighbour Nepal), living in can be cheaper compared to most of the countries. also has some of the lowest prices for consumer goods and groceries, with typical monthly expenses for these priced around $285 for a single person living in Kolkata. The survey says that India, home to 1.25 billion residents, is the most populous among the 50 cheapest countries. Its major industries include textiles, chemicals, and food processing. also has a relatively high local in the major cities that were surveyed. India's local is 20.9 per cent lower, rent is 95.2 per cent cheaper, groceries are 74.4 per cent cheaper, local goods and services are 74.9 per cent cheaper, the survey said. is cheaper than its neighbouring countries like Pakistan ranked at 14, Nepal (28), Bangladesh (40). The local index measures the relative of a typical salary in that country, compared to New York City.

A lower buys fewer goods, while a higher buys more. While the rent index compares typical rental prices in the country to New York City, the groceries index holds a similar comparison for typical grocery prices. The compares costs of local goods and services - including restaurants, groceries, transportation and utilities to New York City. According to the survey, even among the 50 cheapest countries, rent is at least 70 per cent cheaper than in New York City, groceries are at least 40 per cent cheaper, and consumer goods and services cost less by 30 per cent or more. Local does vary greatly among these cheap countries, however. has topped the survey as the cheapest country to live or retire. Being the world's largest producer of platinum, gold and chromium, goes far to enrich the country and its This resulted in a local that is significantly higher than what New Yorkers face, which is the most favourable factor that helps top the list. Along with a higher local purchasing power, also offers lower prices on consumer goods and groceries, and rent costs that are typical of the 50 cheapest countries. In the major city of Cape Town, for instance, monthly expenses total just under USD 400 while the average rent costs are reflected by the typical price to rent a one-bedroom in Durban of around USD 280 a month. Among the most expensive countries in the survey are Bermuda (ranked 112), Bahamas (111), Hong Kong (110), Switzerland (109) and Ghana (108).

First Published: Sun, January 28 2018. 15:35 IST