New Delhi: The country's capital Delhi and financial hub Mumbai have been ranked among the least expensive cities around the world by a survey, as prices for many goods and services are lowest in these two metropolises.
According to a research by Swiss Banking major UBS, Delhi and Mumbai are at the bottom of the price range in the list of most expensive cities that surveyed 72 places worldwide.
"Prices for many goods and services are lowest in the two Indian metropolises of Delhi and Mumbai," the study said.
On the other hand Oslo, Zurich and Tokyo are ranked among the top three most expensive places in the world.
The findings come at a time when the food and commodities are getting dearer in the country.
The study, which analysed the purchasing power of these cities by examining the price of 122 goods and services, adjusted for currency fluctuations. The cost of living index was calculated by dividing the price of goods by the weighted net hourly wage in 15 sectors.
While Geneva and Copenhagen ranks among the top five costliest cities, Sofia, Manila, Bucharest, Mumbai and Delhi form the lowest rung.
The study found that Zurich has the world's highest average wages and the biggest purchasing power.
In terms of wages, workers in Sydney earn the highest in Asia, while employees in Delhi earned lowest in the world.
When it comes to purchasing power, again Sydney has the biggest purchasing power among Asian countries while, Jakarta has the lowest.
First Published: Friday, September 14, 2012, 21:30