Shanghai overtakes New York in cost-of-living survey

Shanghai has overtaken New York for the first time in the world's most-expensive city list, climbing to position 21 from 45, according to a global cost-of-living survey.
With a score of 101 against New York's 100, Shanghai rose nine places from last year in cost-of-living ladder.
The survey by 'Economist' Intelligence Unit measured the cost of living in 131 cities worldwide, using New York as the base.
Singapore has been ranked at No 1 position, overtaking Tokyo, driven by a strong currency and high transport costs.
All Chinese cities are moving up in the cost-of-living index, with Shanghai seeing the fastest rise, state-run China Daily reported.

Five years ago, the city was ranked 45th.

Hong Kong took fifth place in Asia and 13th in the world.
Shenzhen is the second-most-expensive Chinese mainland city, ranked at 39.
"Chinese cities have continued to move up in cost-of-living terms as consumer demand has fed into inflation," said Daili Jon Copestake, editor of the report.
"A mooted slowdown in Chinese growth still represents growth compared with more stagnant mature economies. Wage inflation has driven up prices, but internationally, the impact of a stronger renminbi has also been felt," he said.
Asia still remains host to the world's cheapest cities, most of which are on the Indian subcontinent, with Mumbai being the cheapest.

The survey gathered detailed information on the cost of more than 160 items from food, toiletries and clothing to domestic help, transport and utility bills.
It aims to provide a guideline to help human resources managers calculate cost-of-living allowances and build compensation packages for expatriates and business travellers.