What's the world's most expensive city?

ODD ANDERSEN/AFP

The world's most expensive city is still Oslo, Norway, according to the Economist Intelligence Unit's Worldwide Cost of Living (WCOL) survey.

Oslo overtook Tokyo last year to sit at the top of the table. The WCOL index compares a basket of more than 160 goods (from supermarkets, medium-priced retailers, and more expensive specialty shops) in 132 countries.

Using New York as a baseline (100), cities are ranked according to how much more or less expensive they are as compared to the Big Apple. Oslo's 134 index rating indicates that it is 34 percent more expensive than New York. European cities secured seven out of the ten most expensive spots, with Paris, Copenhagen, and London not far behind Oslo. The euro's strengthening and static prices in Japan have left Tokyo at number five. Tehran is the lowest priced city included in the index (with a score of 34), and eight of the least expensive cities are in Asia. The top ten:

The index ratings are not entirely representative of total living costs since the biggest ticket item—accommodation—is absent from this calculation. This might help to explain why London only ranks fourth, and Moscow, with a score of 101, ranks as slightly more expensive than New York.