There have been some big changes in expat opinions on living in Brazil in the Expat Insider survey. Over the past three years, Brazil has dropped in the overall ranking from 42nd in 2014, to 57th last year, finally landing at 64th this year.
The way expats view their personal finances and the state of the economy, for instance, has worsened quite drastically — the Personal Finance Index dropped from 38th out of 64 countries in the Expat Insider 2015 survey to 59th out of 67 in this year’s survey.
Between 2015 and 2016, the percentage of expats in Brazil who are generally not satisfied with their financial situation increased by ten percentage points to 29% in 2016.
Similarly, the percentage of expats who feel that their disposable household income is not enough to cover everything they need increased by eight percentage points, with more than one in ten (11%) even saying it is not nearly enough to get by.
While the country may be fairly easy to settle into, Brazil is rated poorly in almost all of the indices. Ranking 64th overall, the country performs particularly badly in the Family Life Index.
It is not surprising, then, that close to three in five expats in Brazil (58%) agree to some extent that they are worried about their future finances.
Indeed, the Cost of Living Index has rated consistently badly, coming 54th this year, with 53% saying the cost of living in general is overall bad compared to just 32% worldwide. What is more, 45% agree to some extent that they have suffered a loss in personal income since moving to Brazil.
Politics and Safety
Possibly linked to the uncertain financial situation is the lack of political stability in Brazil. Just 16% of those asked rate this factor positively, compared to 61% globally.
Similarly, just one in five rates their personal safety in Brazil as generally good compared to 77% worldwide. Indeed, personal safety and political stability were two of the top three disadvantages considered prior to moving to Brazil.
Making a Living
The Working Abroad Index shows another drastic change in opinion among expats in Brazil. From 33rd out of 61 in 2014, the country has fallen to 65th out of 67 countries in this year’s Expat Insider survey.
In the Job Security subcategory of the index, Brazil comes 66th, with 85% of respondents giving the state of the economy a negative review, reflecting reports on rising unemployment and falling real wages in 2015 and 2016.
It seems hardly a surprise then, that 11% of expats in Brazil say they are not at all satisfied with their job security, nearly double the global average of 6%. Similarly, expatriates in Brazil are less enthused about their working hours than respondents around the world (48% vs. a global 61%).
Weather Not Enough
Expatriates can at least look forward to a very good climate and weather, which is regarded negatively by just 8% compared to the global average of 22%. This was actually the most common potential benefit considered by expats before they made the move there.
Unfortunately, the country does not seem to have much else to offer to improve the quality of expat life, ranking 62nd in the respective index. The transport infrastructure, for instance, is considered generally bad by 60% in Brazil compared to just a quarter globally.
In addition, the country only comes in 61st in the Health & Well-Being subcategory: not only is the healthcare considered, on average, less affordable by expats in Brazil — 35% agree it is generally affordable compared to 55% globally — but 36% of respondents are also unhappy with its quality.
Not for Families
Despite a more friendly attitude to families with children — 55% of expat parents go so far as to call it very good in Brazil compared to 39% globally — the education and well-being on offer there fall short.
Just 28% of expat parents find the quality of education to be overall good compared to 64% worldwide. Meanwhile, five times the overall average of parents (55% vs. 11%) fear for their children’s safety at least in some regard. Not least of all due to this, Brazil ranks last out of 45 countries in the Family Life Index.
A Welcoming Place
The local people, at least, are a positive in the lives of expats in Brazil — over four in five rate the general friendliness of the population (85%), as well as the local attitude towards foreign residents (81%), positively, bringing the Friendliness subcategory to 11th.
In fact, around five in eight expats in Brazil (63%) overall agree that making local friends is easy compared to 45% globally. All of this despite the fact that seven in ten do agree that without speaking the local language it is very difficult to live there.
Within recent memory, Brazil has emerged as a new and significant global player, both economically and politically. Although Brazil had enjoyed a period of perpetual economic growth, which, combined with its laid-back lifestyle and favorable climate, have caused ever increasing numbers of expat from various fields to consider a move to Brazil, this could be in the process of changing.
In 2014, Brazil experienced an economic contraction for two consecutive quarters, marking the first technical recession in five years. However, despite the third quarter ending the recession with a minuscule growth of 0.1%, both governmental and independent economists have decreased projections for growth in the upcoming years.
Although this turbulence in the economy shouldn’t worry expats too much, it is important to realize that settling down in Brazil and finding a job there has always required a considerable amount of dedication and perseverance, not to mention a bit of good luck.
Nevertheless, many who now enjoy their lives in a bustling metropolis or a scenic coastal city say that getting a visa and moving to Brazil was well worth the effort.
Economic Situation
Brazil boasts the dynamic business climate of one of the world’s fastest growing economies. Despite recent contraction, Brazil remains the 7th largest economy on the globe, becoming such in early 2012. Although economists believed the FIFA World Cup in 2014 and the Olympic Games in 2016 would provide further stimulus to the booming economy, this expectation has since come under review.
The former is thought to have had a negative impact on the economy, as municipal holidays during local games and staff truancy from work to watch the competition decreased production rates and played a role in the aforementioned technical recession.
Nevertheless, Brazil’s reputation as a growing economy continues to be a magnet for both foreign investment and skilled workers from abroad temporarily moving to Brazil. For foreign experts, the country’s pioneering fields of ethanol production – recently flagging, but still firmly supported by the government – and deep water oil research offer attractive career opportunities.
Political Situation
One of the other reasons why moving to Brazil is popular among expats is its reliable political situation. After the abolishment of military rule in 1985, the state has gradually established a stable democratic system. As those moving to Brazil may know, the Brazilians elected their first ever female president in January 2011: Dilma Rousseff, former chief of staff of retiring ex-president, Luiz Inácio Lula da Silva.
After facing intense criticism and eruptions of protest concerning accusations of corruption and poor public services in the face of the FIFA World Cup, Rousseff narrowly won reelection in 2015, with just 51.6% of the vote. She has now been impeached and replaced by her vice-president Michel Temer.
You will soon notice the highly unequal distribution of income. While over the past few decades there has been significant upwards social mobility, creating a new middle class, poverty remains one of the country’s major sociopolitical problems.
The crime rate, feared by many who consider a move to Brazil, is relatively high. Although, according to reports, crime has been decreasing in urban areas like São Paulo and Rio de Janeiro, expatriates should still be careful.
Some expats moving to Brazil, however, report that it is less noticeable in their daily life, provided they adhere to some basic safety rules, e.g. be vigilant at night, rent accommodation in safe compounds, and never try to resist any thief, mugger, or robber.
Furthermore, corruption, despite efforts of the government to tackle it, is still considered one of the country’s biggest issues, both by locals and expats moving to Brazil.
Main Cities
São Paulo, Brazil’s largest city, is by far the most popular expat destination in the state. Apart from its sheer size – São Paulo’s metropolitan area is home to nearly 20 million people – it is also Brazil’s economic and financial center, housing the São Paulo Stock Exchange.
In 2011, it was estimated to have generated over 17% of the country’s GDP. Plenty of multinational headquarters are located there, and expatriates moving to Brazil will find that São Paulo has more to offer than any other place in the country.
Brazil’s most famous and notorious metropolis of Rio de Janeiro is lagging slightly behind São Paulo in terms of expat popularity. However, this is definitely not due to a lack of attractiveness – Rio holds the title for the most visited city in the Southern Hemisphere – but rather the lower number of employment opportunities for foreigners.
Most commonly, expats moving to Brazil to work in Rio are employed as specialists in Brazil’s petrochemical sector and other important industries, or they scrape a living by teaching English.
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São Paulo and Rio, in Brazil, appear in the 48th and 45th places, respectively, in the purchasing ranking, according to a survey among 73 cities in the world carried out by the Swiss bank UBS. In other words people living in these two cities have salaries that put them in 26th and 29th lowest purchasing power.
When salaries are considered São Paulo appears in 46th place and Rio, in 49th. The last placements go to Manila, Jakarta and Mumbai. The cities with best wages are Copenhagen, Zurich, Geneva, New York and Oslo. São Paulo gets 42nd place and Rio, 48th for cost of living.Â
Oslo, Zurich, Copenhagen, Geneva, Tokyo and New York are considered the world's most expensive cities based on a standardized basket of 122 goods and services from the UBS "Prices and Earnings" survey.
At the other end seven Latin American cities from the list of 73 cities around the world, where data for the survey were collected between March and April of this year, figure among the cheapest including Buenos Aires and Santiago de Chile.
"When rent prices are factored into the equation, New York, Oslo, Geneva and Tokyo emerge as especially pricey places to live. The basket costs the least in Kuala Lumpur, Manila, Delhi and Mumbai", points out the UBS report.
Out of the list of 73 cities taking New York as the reference with 100 points both excluding and including rent, Brazil's São Paulo ranks 42 (with 63.3 and 48.9 points) in the list and Rio do Janeiro (59.6 and 44.9 points), 48; Peru's capital Lima figures as number 60 (50.5 and 35.6 points), followed by Buenos Aires (50.4 and 37 points) and Santiago de Chile ((50 and 36.9 points), 61 and 62. Colombia's Bogotá and Mexico City rank 66 and 68 (47.1 and 36.4, and 45.4 and 34.3 points).
Only Venezuela's capital Caracas (91 and 76.6 points) figures in position 12, mainly because of an upsurge of inflation estimated in the range of 30%.
Regarding earnings the highest are in Switzerland, Denmark and the US.
The survey of 73 international cities found that employees in Copenhagen, Zurich, Geneva and New York have the highest gross wages. Zurich and Geneva – the two Swiss cities in the study – top the rankings in the international comparison of net wages. By contrast, the average employee in Delhi, Manila, Jakarta and Mumbai earns less than one-fifteenth of Swiss hourly wages after taxes.
One vivid way to illustrate the relative purchasing power of wages is to replace the abstract basket of goods and services with a specific, highly uniform product that is available everywhere with the same quality, and then calculate how long an employee would have to work to be able to afford it in each city.
The study determined that employees have to work a global average of 37 minutes to earn enough to pay for a Big Mac, 22 minutes for a kilo of rice and 25 minutes for a kilo of bread. For the first time, a non-food product was used in the study to compare working hours.
The iPod nano with 8 GB of storage is an ideal example of a globally uniform product. An average wage-earner in Zurich and New York can buy a nano from an Apple store after nine hours of work. At the other end of the spectrum, workers in Mumbai, need to work 20 nine-hour days – roughly the equivalent of one month's salary – to purchase an iPod nano.
People work an average of 1,902 hours per year in the surveyed cities but they work much longer in Asian and Middle Eastern cities, averaging 2,119 and 2,063 hours per year respectively. Overall, the most hours are worked in Cairo (2,373 hours per year), followed by Seoul (2,312 hours). People in Lyon and Paris by contrast, spend the least amount of time at work according to the global comparison: 1,582 and 1,594 hours per year respectively.
In no other continent is the price spread between the most expensive and the cheapest city as wide as in Asia. While Tokyo ranks as one of the world's five costliest cities, Kuala Lumpur, Manila, Delhi and Mumbai are all at the bottom of the price range. Workers in Tokyo earn the highest wages in Asia. Likewise, consumers in Tokyo, Hong Kong and Taipei have the greatest purchasing power in the continent. Sydney ranks among the top ten cities in the international comparison.
London, the second most expensive city in the 2006 review, plummeted nearly twenty places following the pound's precipitous devaluation in March and April 2009 when the data was collected, landing in the middle in terms of Western European countries.
During this time the GBP reached a low point of roughly 1.40 against the USD from which it recently appreciated to around 1.70. This rebound in the GBP exchange rate increased London's price level by 21% in USD terms, which would lift London from twenty-first to fifth in the UBS global price ranking.
Rail travel is most expensive in the United Kingdom and Germany. A second-class, one-way ticket for a 200 km rail journey in Germany (average price: EUR 51.40 or USD 67.20) costs approximately 1.5 times as much as in the rest of Western Europe. Only the United Kingdom is more expensive. In London, passengers have to be willing to pay EUR 68.20 (USD 89.10) – double the fare charged in other Western European cities.
Bzz/Mercopress
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Brazil's São Paulo and Rio de Janeiro have dropped significantly in the ranking of most expensive city for expatriates, according to the latest Cost of Living Survey from Mercer Human Resource Consulting. But they still remain the most expensive cities in Latin America.
São Paulo is now placed 62nd, compared with 34th in 2006, and is followed by Rio de Janeiro in 64th place (position 40 in 2006).
Although the Brazilian real has remained stable against the US dollar over the last 12 months, the Brazilian cities surveyed have been pushed down the ranking as they give way to European cities that are ascending due to the buoyancy of the Euro.
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According to Mercer, Moscow is the world's most expensive city for expatriates for the second consecutive year. London is in second position, climbing three places since last year. Seoul moves down one place in the ranking to take third place, followed by Tokyo in fourth. Asuncion, Paraguay, on the other hand, is the least expensive city for the fifth year running.
Mercer's annual Cost of Living Survey covers 143 cities across six continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment.
It is the world's most comprehensive cost of living survey and is used to help multinational companies and governments determine compensation allowances for their expatriate employees.
Europe dominated the top 50, placing 30 cities on the list and capturing six of spots in the top ten. Strong currencies helped push most European cities higher for 2007.
Africa placed five cities in the top 50, with Douala, Cameroon on top with a rank of 24. Four of the African cities climbed in the rankings while Lagos, Nigeria dropped from 31 to 37.
Four cities in the Middle East were in the top 50 for 2007, lead by Tel Aviv, Israel in 17th place. Istanbul, Turkey took the biggest drop in the top 50, from 15th to 38th.
Eight Asian cities were on the top 50 list, led by Seoul, Korea in third place. The biggest mover was Taipei, Taiwan which dropped from 28th to 48th.
Only two US cities made the list (New York City at 15th and Los Angeles at 42nd) thanks to the weak US dollar. No Canadian or Latin American cities were in the top 50.
New York remains the most expensive city in North America but drops five places to position 15 (score 100). Other North American cities have dropped more steeply and only New York and Los Angeles (position 42, score 87.1) rank in the top 50 cities.
"The decline of most US cities in the ranking can be attributed to the depreciation of the US dollar against the euro and other major currencies worldwide. The change reflects a reversal of the situation experienced this time last year, when the majority of US cities climbed the ranking due to the strength of the dollar," said Ms Powers.
Globally, the least costly city is Asuncion in Paraguay for the fifth consecutive year (score 50). Other low-ranking cities include Quito and Montevideo in 141st (56.3) and 140th place (58.4) respectively.
Toronto, the most expensive city in Canada, has dropped 35 places to position 82 (score 78.8). Calgary and Vancouver have also tumbled down the rankings, sliding from 71st place to 92nd and 56th to 89th respectively.
Ottawa remains the cheapest Canadian city in 109th position scoring 72.3. Canadian cities have traditionally rated favorably in the worldwide ranking. The new scores reflect a low rate of inflation and stable housing prices. In addition, while it has appreciated slightly against the US dollar, the Canadian dollar has depreciated nearly 13% against the euro since last year's survey.
Mercopress
]]>But when it comes to household spending, Brazil drops to sixth place behind Argentina, Chile, Uruguay, Venezuela and Peru.
The study also found that the country with the lowest level of consumption per person was Bolivia, while Argentina, Paraguay and Bolivia had the lowest cost of living.
According to Eduardo Pereira Nunes, the president of the government statistical bureau (IBGE), which presented the results of the study, what happened in Brazil is that while inflation control kept the country from being the most expensive, inflation stabilization occurred with prices at a historic high.
"The dust is still settling after a period of violent inflation. What the World Bank study shows is that prices in Brazil have been stabilized but they have not fallen. Inflation is under control but we have not had deflation."
Nunes went on to point out that consumption is a function of income. The unequal distribution of income in Brazil means some Brazilians can buy very little because things are expensive compared to prices in other countries in the region.
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]]>This significant alteration is due to the strong appreciation of the Brazilian real against the US dollar (more than 20 %), which has occurred as a result of solid economic growth and increased foreign investment over the last two years, together with reduced public debt and high interest rates.
In particular, the cost of international-standard accommodation has risen significantly in these cities.
In contrast Asuncion in Paraguay remains the least expensive city globally, in 144th position with a score of 43.5. Other cheap cities include Buenos Aires, Montevideo and Caracas in 142nd place (score 54.8.), 138th (56.5) and 136th (57.2) respectively.
According to the Mercer survey, Moscow has replaced Tokyo as the world’s most expensive city. Seoul is in second place, climbing three places since last year. Tokyo moves down two positions in the rankings to take third place, followed by Hong Kong.
With New York as the base city scoring 100 points, Moscow scores 123.9 and is nearly three times costlier than Asuncion, which has an index of 43.5.
Mercer’s survey covers 144 cities across six continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment. It is the world’s most comprehensive cost of living survey and is used to help multinational companies and governments determine compensation allowances for their expatriate employees.
"We have seen significant shifts in the cost of living rankings over the past few years, reflecting a changing global market. For many companies it can now be more expensive to send employees to work in Russia or Korea than places like Japan or Switzerland which are often perceived to be more costly," commented Rebecca Powers, a Senior Consultant with Mercer’s international business.
She added: "More companies are now sending employees on expatriate assignments, so there is a greater need to keep pace with the cost of living changes. Employers need to be proactive in managing their expatriate programs to ensure they receive a proper return on their investment and employees are compensated fairly."
There have been some significant changes in the rankings this year which are primarily due to exchange rate fluctuations, in particular the strengthening of the US dollar.
Asia
Four of the world’s ten costliest cities are in Asia, with Seoul moving up from 5th to second place. While Tokyo has lost its title of the world most expensive city because of currency fluctuations between the Japanese yen and the US dollar, it still ranks highly and takes third place. Hong Kong is in 4th position.
"Chinese cities have moved up slightly in the rankings as the value of the Yuan renminbi is now pegged to a number of currencies rather than just the US dollar," said Anna Krotova, Senior Researcher at Mercer. Beijing is in position 14 (score 94.9) followed by Shanghai in 20th place (91.2).
"Singapore moved from 34 to 17th position as prices on rents of international standard accommodation have significantly increased during the period from March 2005 to March 2006. In addition, the Singapore dollar has very slightly appreciated against the US dollar," said Neo Siew Khim, Mercer Principal and Human Capital Product Solutions Business Leader, Asia Pacific.
Mumbai moved from 105th place to 68th place (score from 70.8 to 79.9) while New Delhi moved up from 110th place to 73rd place (score from 69.9 to 79). New Delhi and Mumbai’s ranking increased significantly due to increasing costs on international standard accommodation. Rents have increased dramatically in Mumbai due to the increase in capital value and an acute shortage of expatriate accommodation.
Australasia
Auckland and Wellington have dropped in the rankings this year to positions 100 and 105 respectively (scores 72.9 and 71.1) due to the significant devaluation of the New Zealand dollar against the US dollar. Sydney is still the most expensive city in the region at 19th place with a score of 91.3. Melbourne occupies 74th place (78.8) while Brisbane is in 99th position (73.2).
The Americas
New York remains the most expensive city in North America and climbs three places to 10th position (score 100). Currency appreciation is the main reason for this, although price increases in fuel and certain consumer goods have also contributed to New York’s rise in the rankings.
Other high-ranking cities include Los Angeles in position 29 (86.7), San Francisco in 34th place (85) and Chicago in 38th position (84.1). Washington DC takes 83rd place (77). Winston Salem is the cheapest US city surveyed, ranked 124th (66.7).
"The strengthening of the US dollar against the European and other major currencies is a large contributor to the rise of most US cities in the rankings," commented Ms Powers.
Though still relatively inexpensive and benefiting from stable inflation, Canadian cities continue to move up the rankings due to the strength of the Canadian dollar. Toronto is the most expensive city in Canada and moves up from 82nd to 47th place (82.6). Ottawa remains the least expensive Canadian city but has climbed 32 places from 122nd to 90th (75.6).
Puerto Rico has experienced high inflation during the last year which, together with the strength of the country’s currency (US dollar), means San Juan is the costliest city in Central America and the Caribbean in 55th position (score 81.4).
San Jose is the least expensive in 134th place (58.1). Santo Domingo in the Dominican Republic is in 126th position (65.3) and has dropped 27 places due to the depreciation of the Dominican Peso against the US dollar.
Europe
Moscow is the most expensive city in Europe and in the rest of the world, with a score of 123.9. "Steep accommodation costs have contributed to the city’s high ranking, as the recent property boom has driven up rental prices for expatriates," said Ms. Krotova.
London is the second most expensive city in Europe and ranks in 5th position (score 110.6). "While prices have actually increased slightly over the last year, the strengthening of the dollar against the pound means London has dropped two places since last year," said Ms. Krotova.
Other costly European cities include Geneva in 7th place (103), Copenhagen in 8th (101.1) and Zurich in 9th (100.8) — all have been pushed down one place this year. Oslo remains in 10th place with a score of 100 while St. Petersburg is in 12th position (99.7).
Ms Krotova commented: "The Euro has weakened against a number of currencies, for example the Canadian and US dollars, reducing the cost of living for expatriates in many European countries."
Kiev in Ukraine has moved up from 54th position to reach 21st place (score 89.8). This is mainly due to the appreciation of the local currency, the hryvna, against the US dollar, together with general price increases. Many other Eastern European cities have dropped sharply in the ranking due to the devaluation of local currencies against the US dollar. For example, Prague has fallen 22 places to rank 50th with a score of 82.1.
Leipzig is Europe’s cheapest city in 123rd position with a score of 68.1. Individual reports are produced for each city surveyed.
The figures for Mercer’s cost of living comparisons are based on a survey conducted in March 2006. The 2006 comparisons are based on a similar survey conducted in March 2005. The information is used by governments and major companies to protect the purchasing power of their employees when transferred abroad. The choice of cities surveyed is based on the demand for corresponding data from companies and governmental organizations.
Mercer Human Resource Consulting is a global leader for HR and related financial advice and services, with more than 15,000 employees serving clients in more than 190 cities and 40 countries and territories worldwide.
Exchange rates used in cost comparisons:
1 GBP = 1.75 USD
1 GBP = 1.46 EUR
Cost of Living Survey — Worldwide Rankings 2006
Rankings COL Index
March 06 March 05 City Country March 06 March 05
1 4 MOSCOW Russia 123.9 119
2 5 SEOUL South Korea 121.7 115.4
3 1 TOKYO Japan 119.1 134.7
4 9 HONG KONG Hong Kong 116.3 109.5
5 3 LONDON United Kingdom 110.6 120.3
6 2 OSAKA Japan 108.3 121.8
7 6 GENEVA Switzerland 103 113.5
8 8 COPENHAGEN Denmark 101.1 110
9 7 ZURICH Switzerland 100.8 112.1
10 10 OSLO Norway 100 105.3
10 13 NEW YORK CITY United States 100 100
12 15 ST. PETERSBURG Russia 99.7 99.5
13 11 MILAN Italy 96.9 104.9
14 19 BEIJING China 94.9 95.6
15 22 ISTANBUL Turkey 93.1 93.8
15 12 PARIS France 93.1 102.2
17 34 SINGAPORE Singapore 92 88
18 13 DUBLIN Ireland 91.8 100
19 20 SYDNEY Australia 91.3 95.2
20 30 SHANGHAI China 91.2 90.4
21 17 ROME Italy 89.8 97.3
21 54 KIEV Ukraine 89.8 84.5
21 16 VIENNA Austria 89.8 97.8
24 39 TEL AVIV Israel 89.7 87.6
25 20 HELSINKI Finland 87.8 95.2
25 73 DUBAI United Arab Emirates 87.8 77.8
27 22 DOUALA Cameroon 87.6 93.8
28 29 TAIPEI Taiwan 86.8 90.6
29 44 LOS ANGELES United States 86.7 86.7
30 64 ABU DHABI United Arab Emirates 86 81
31 96 LAGOS Nigeria 85.5 72.8
32 52 BEIRUT Lebanon 85.4 84.6
32 50 HANOI Vietnam 85.4 84.9
34 119 SÃO PAULO Brazil 85 66.6
34 50 SAN FRANCISCO United States 85 84.9
36 18 STOCKHOLM Sweden 84.8 96.8
37 56 HO CHI MINH CITY Vietnam 84.2 83.8
38 52 CHICAGO United States 84.1 84.6
39 57 MIAMI United States 83.9 83.3
40 124 RIO DE JANEIRO Brazil 83.5 65.4
41 123 LUSAKA Zambia 83.4 65.6
41 24 AMSTERDAM Netherlands 83.4 93.3
43 45 WHITE PLAINS United States 83.2 86.6
44 63 SHENZHEN China 82.9 81.3
45 26 ABIDJAN Cote d’Ivoire 82.8 93
45 36 DAKAR Senegal 82.8 87.9
47 82 TORONTO Canada 82.6 76.2
48 71 JAKARTA Indonesia 82.4 78.9
48 31 BRATISLAVA Slovak Republic 82.4 89.9
50 28 PRAGUE Czech Republic 82.1 90.8
51 58 ALGIERS Algeria 82 81.9
52 75 ALMATY Kazakhstan 81.9 77.6
53 46 MADRID Spain 81.6 86
54 65 GUANGZHOU China 81.5 80.6
55 74 SAN JUAN Puerto Rico 81.4 77.7
56 87 VANCOUVER Canada 81.2 74.3
56 43 BARCELONA Spain 81.2 86.9
56 33 LUXEMBOURG Luxembourg 81.2 88.2
59 41 ATHENS Greece 81.1 87.2
60 40 GLASGOW United Kingdom 80.7 87.5
61 34 FRANKFURT Germany 80.5 88
62 67 AMMAN Jordan 80.4 80.1
62 32 DUSSELDORF Germany 80.4 88.4
62 27 WARSAW Poland 80.4 91.5
65 37 MUNICH Germany 80.2 87.8
65 24 BUDAPEST Hungary 80.2 93.3
67 61 HONOLULU United States 80 81.4
68 105 MUMBAI India 79.9 70.8
69 47 BIRMINGHAM United Kingdom 79.7 85.8
70 41 BRUSSELS Belgium 79.5 87.2
71 98 CALGARY Canada 79.3 72.5
72 38 BERLIN Germany 79.2 87.7
73 110 NEW DELHI India 79 69.9
74 68 MELBOURNE Australia 78.8 80
75 91 ACCRA Ghana 78.6 73.6
76 70 HOUSTON United States 78.5 79.1
77 49 HAMBURG Germany 78.2 85
78 72 KUWAIT CITY Kuwait 78 78.3
79 48 ZAGREB Croatia 77.7 85.2
80 107 MONTREAL Canada 77.6 70.7
81 54 RIGA Latvia 77.2 84.5
81 95 MEXICO CITY Mexico 77.2 73.1
83 78 WASHINGTON United States 77 77.4
84 80 MORRISTOWN United States 76.8 76.9
84 79 BOSTON United States 76.8 77
86 83 ATLANTA United States 76.3 76.1
87 86 MANAMA Bahrain 76.1 74.5
88 59 CASABLANCA Morocco 75.9 81.6
88 66 LISBON Portugal 75.9 80.2
90 122 OTTAWA Canada 75.6 66.4
91 128 SANTIAGO Chile 74.5 64.8
91 61 LYON France 74.5 81.4
93 108 GUATEMALA CITY Guatemala 74.3 70.4
93 97 CAIRO Egypt 74.3 72.5
93 93 PERTH Australia 74.3 73.5
96 60 TALLINN Estonia 73.7 81.5
97 94 DENVER United States 73.6 73.2
98 88 RIYADH Saudi Arabia 73.5 74.1
99 84 BRISBANE Australia 73.2 74.9
100 89 JEDDAH Saudi Arabia 72.9 73.9
100 69 AUCKLAND New Zealand 72.9 79.6
102 103 SEATTLE United States 71.9 71.4
103 115 MONTERREY Mexico 71.6 67.7
103 102 ST. LOUIS United States 71.6 71.6
105 76 WELLINGTON New Zealand 71.1 77.5
106 76 LJUBLJANA Slovenia 71 77.5
107 119 NAIROBI Kenya 70.9 66.6
108 89 ADELAIDE Australia 70.6 73.9
109 105 KINGSTON Jamaica 70 70.8
110 109 CLEVELAND United States 69.8 70.3
111 112 PORTLAND United States 69.7 68.8
111 81 SOFIA Bulgaria 69.7 76.3
113 111 PITTSBURGH United States 69.4 69.2
114 117 KUALA LUMPUR Malaysia 69.3 67.1
114 103 BUCHAREST Romania 69.3 71.4
116 91 VILNIUS Lithuania 69.2 73.6
117 116 JOHANNESBURG South Africa 69.1 67.4
118 100 LIMASSOL Cyprus 68.7 71.9
118 118 LIMA Peru 68.7 66.9
118 113 BANDAR SERI Brunei 68.7 68.5
BEGAWAN
121 114 PANAMA CITY Panama 68.5 68.3
122 101 DETROIT United States 68.3 71.8
123 85 LEIPZIG Germany 68.1 74.8
124 119 WINSTON SALEM United States 66.7 66.6
125 129 TEHRAN Iran 66.4 64.4
126 99 SANTO DOMINGO Dominican Republic 65.3 72.3
127 125 BANGKOK Thailand 64.9 65.3
128 131 TIANJIN China 63.6 62.5
129 130 BLANTYRE Malawi 63.1 62.7
130 133 BOGOTA Colombia 62.7 62.7
131 127 DACCA (DHAKA) Bangladesh 62.5 62.5
132 132 COLOMBO Sri Lanka 61.4 60
133 126 TUNIS Tunisia 60.7 65.2
134 135 SAN JOSE Costa Rica 58.1 58
135 137 QUITO Ecuador 57.4 54.6
136 138 CARACAS Venezuela 57.2 54.4
137 138 CHENNAI (MADRAS) India 56.7 54.4
138 140 MONTEVIDEO Uruguay 56.5 53.5
139 141 BANGALORE India 56.4 51.7
140 136 KARACHI Pakistan 56.1 56.1
141 143 MANILA Philippines 56 49.8
142 142 BUENOS AIRES Argentina 54.8 50.3
143 134 HARARE Zimbabwe 50.9 58.4
144 144 ASUNCION Paraguay 43.5 40.3
Cost of living comparisons in US$s — 2006
Selected cities worldwide
(NB purchases at medium-priced establishments)
London Dublin Paris Rome Amsterdam
Rent of a luxury two bedroom
unfurnished apartment (per
month) 2975.00 1440.36 2280.57 1620.41 1620.41
Bus or subway ride 3.50 1.80 1.68 1.21 1.93
Music CD 20.98 24.61 20.39 25.52 26.39
1 issue of international daily
newspaper 1.93 2.40 2.40 2.40 3.12
1 cup of coffee, including
service 3.33 3.61 2.64 2.64 2.99
Fast food hamburger meal 7.88 7.09 7.21 6.84 7.81
Source: Mercer Human Resource Consulting
Cost of living comparisons in US$s — 2006
Selected cities worldwide
(NB purchases at medium-priced establishments)
Berlin Athens Brussels Madrid Prague
Rent of a luxury two bedroom
unfurnished apartment (per
month) 1260.32 1260.32 1140.28 1560.39 1320.32
Bus or subway ride 2.52 0.96 1.8 1.31 0.72
Music CD 21.60 22.80 23.98 24.01 25.27
1 issue of international
daily newspaper 2.52 2.15 2.4 2.99 2.10
1 cup of coffee, including
service 2.99 5.04 2.64 2.77 3.80
Fast food hamburger meal 5.71 8.70 6.60 7.32 5.06
Source: Mercer Human Resource Consulting
Cost of living comparisons in US$s — 2006
Selected cities worldwide
(NB purchases at medium-priced establishments)
Warsaw Zagreb Tokyo Beijing Sydney
Rent of a luxury two bedroom
unfurnished apartment (per
month) 1320.32 1320.32 4116.02 2673.21 1931.77
Bus or subway ride 0.75 N.A. 2.31 N.A. 1.86
Music CD 23.66 23.80 21.44 21.14 19.30
1 issue of international
daily newspaper 3.15 N.A. 1.30 4.36 2.85
1 cup of coffee, including
service 3.47 4.11 2.57 4.24 2.61
Fast food hamburger meal 4.88 4.52 5.23 2.56 4.80
Source: Mercer Human Resource Consulting
Cost of living comparisons in US$s — 2006
Selected cities worldwide
(NB purchases at medium-priced establishments)
Buenos Aires New York Johannesburg Vancouver
Rent of a luxury two bedroom
unfurnished apartment (per month) 3497.38 999.25 968.26 1406.77
Bus or subway ride 2.00 0.26 N.A. 1.98
Music CD 18.85 12.04 29.77 18.57
1 issue of international daily
newspaper 1.63 4.55 3.87 3.29
1 cup of coffee, including service 3.96 1.47 2.26 2.85
Fast food hamburger meal 6.00 2.77 3.22 4.88
Mercer Human Resource Consulting – www.mercerhr.com
]]>The EIU produces the index as a guide for companies in calculating executive pay in more than 130 cities around the world.
More than 100 goods and services, from babysitter rates and soap to deluxe cars and restaurant meals, were used to calculate the weighted index.
In the latest edition Oslo was rated the most expensive city to live in pushing Tokyo’s from the top of the rank for the first time in fourteen years with the Icelandic capital, Reykjavik, coming third.
In Mercosur cities Santiago de Chile stands in position 84, followed by São Paulo and Rio do Janeiro, 87; Montevideo, Uruguay 100; Lima, Peru, 107; Caracas, Venezuela, 112; Buenos Aires 117 and Asunción, Paraguay, 124.
However the biggest two jumps are in Brazil with Rio and São Paulo climbing 22 places compared to the previous rating, pushed by a 25% rise in the currency and consumer prices.
Mexico City figures as the most expensive city in Latinamerica ranking 57, followed by Ciudad de Guatemala 67. Bogotá, Colombia ranks 84 and Panama City 95.
"Norway has seen strong economic growth following a recovery in 2004, enjoying high consumer confidence, rampant investment and still-low interest rates" the EIU said.
"Despite spending so long at the top, the displacement of Tokyo comes as little surprise. A gradually weakening yen has been compounded by years of low inflation and deflation".
Japan’s consumer prices had their first back-to-back gain since April 1998, with core prices excluding fresh foods rising 0.1% year on year in both November and December the country’s statistics bureau said Jan. 27.
Eight of the 10 most expensive cities in the survey, (among which Paris and London) and 20 of the first 30, are in Western Europe. New York, in 27th place, is ranked as the most expensive U.S. city, followed by Chicago in 35th and Los Angeles in 36th.
The EIU also shows New Zealand’s major cities edging their way up the list of the world’s most expensive places to live: Auckland is the 29th most expensive city and Wellington the 32nd.
In Latinamerica two cities, – Quito and Panama City – actually saw the cost of living drop because Ecuador and Panama have the US dollar as their currency. In Asunción, Paraguay the region’s cheapest city, the cost of living is 45% of New York City.
On the contrary the rise of Oslo and other European cities partly reflects the long-term underperformance of the US currency.
The 10 Most Expensive Cities in the World
1 Oslo, Norway
2 Tokyo, Japan
3 Reykjavik, Iceland
4 Osaka Kobe, Japan
4 Paris, France
6 Copenhagen, Denmark
7 London, UK
8 Zurich, Switzerland
9 Geneva, Switzerland
10 Helsinki, Finland
The 10 Least Expensive Cities in the World
117 Taskent, Uzbekistan
120 San Jose, Costa Rica
121 Dhaka, Bangladesh
122 New Delhi, India
122 Tripoli, Libya
124 Asuncion, Paraguay
124 Mumbai, India
126 Karachi, Pakistan
127 Manila, Philippines
128 Tehran, Iran
Mercopress – www.mercopress.com
]]>Brazil’s inflation as gauged by the Broad Consumer Price Index (IPCA) registered a 0.61% increase in March, which was close to the 0.59% rate registered in February. The Brazilian Institute of Geography and Statistics (IBGE) announced the number today.
With this result, the index accumulates in the first quarter of 2005, an increase of 1.79%, which is less than the 1.85% registered in the first quarter of 2004.
In the 12-month period completed in March, the IPCA was 7.54%, higher than the 7.39% registered in the previous 12-month period. In March of 2004, the IPCA was 0.47%.
The IPCA measures the inflation of the expenses of a family with income of up to 40 minimum wages, in nine metropolitan areas of Brazil (Belo Horizonte, São Paulo, Curitiba, Recife, Fortaleza, Porto Alegre, Belém, Rio de Janeiro, and Salvador), as well as Brasília and Goiânia.
ABr
]]>Forecasts for this year’s inflation in terms of the Broad Consumer Price Index (IPCA) have been lowered from 7.37%, two weeks ago, to 7.31%, last week, and 7.13%, in this week’s survey.
Nevertheless, there was a slight increase in estimates for inflation in 2005, from 5.80% to 5.81%.
There was a small improvement in predictions for the IPCA this month (down from 0.46% to l.45%) and for the cumulative IPCA over the 12 coming months (down from 6.18% to 6.17%). On the other hand, expectations for inflation in November rose from 0.56% to 0.57%.
The poll also indicates a decline in terms of the Consumer Price Index (IPC), compiled by the Economic Research Institute Foundation (Fipe) at the University of São Paulo. The prediction for inflation in the capital of São Paulo this year was lowered from 6.45% to 6.24%.
Unlike free market prices, which show signs of relief for consumers, administered prices (fuel, telephone services, electricity, and others) continue to climb.
The consultants and market analysts interviewed in the Central Bank’s weekly survey estimate that this year’s cumulative rate adjustments will amount to 8.58% this year, as against 8.50% in last week’s survey, while their expectations for 2005 rose from 7% to 7.20%.
Agência Brasil
Translator: David Silberstein
Brazil’s Consumer Price Index (INPC) rose 0.5% in August, compared to 0.73% in July, reports the government statistical bureau (IBGE). In August 2003 the INPC rose 0.18%.
With the August result, cumulative inflation for families with incomes between one and eight minimum wages for this year is at 4.41%, compared to 8.08% during the same period in 2003.
However, for the last 12 months, it is slightly higher this year: 6.64%, compared to 6.30% in 2003.
According to the IBGE, Food prices rose 0.76% in August, compared to 0.53% in July. Non-Food product prices were up 0.39%, compared to 0.82% in July.
The biggest jump in prices was in Rio de Janeiro, up 1.12%. The lowest price increase was in Salvador, up 0.04%.
The INPC, which measures inflation for Brazil’s low income population, was 0.40% in May. Food prices, which have the heaviest weight in the budgets of families covered by the index, remained practically stable, increasing only 0.02%, while non-food prices rose 0.57%, less than the 0.77% variation they experienced in April.
The index encompasses families with a monthly income of between one and eight minimum wages (between 83 and 664 US dollars) and includes the metropolitan areas of Porto Alegre, Curitiba, Belo Horizonte, Rio de Janeiro, São Paulo, Fortaleza, Salvador, Recife, Belem, Goiânia, and Brasília.
Agência Brasil