We checked. Bengaluru is indeed less expensive than other cities in Asia
Feel you are shelling out too much for basic amenities in Bengaluru?
Turns out you are wrong. According to a survey, you are living in the cheapest Asian city. The Worldwide Cost of Living Survey by The Economist Intelligence Unit ranks the world's major cities by cost of living.
In 2018, Singapore retained its title as the world's most expensive city for the fifth consecutive year while Bengaluru is the cheapest city in Asia and fifth cheapest in the world, topped by Lagos (Nigeria), Almaty (Kazakhstan), Caracas (Venezuela) and Damascus (Syria). Chennai and Delhi are the only other Indian countries in the bottom-most rung. Metrolife did a comparative analysis of the prices of essentials in five cities (rounded off to the nearest rupee).
Rent of a studio apartment in CBD: SGD 2500 (Rs 1.24 lakh)
One kilo of India Gate Basmati Rice: SGD 5.75 (Rs 285)
One kilo of banana: SGD 2.5 (Rs 124)
One kilo of chicken: SGD 8-9 (Rs 396- 447)
1 litre of petrol: SGD 2.16 (Rs 107)
Electricity charges: 21.56 cents/unit (Rs 10.69)
Bus fares: Up to 3.2 km SGD 1.40 (Rs 69.40)
Rent of a studio apartment in Central: HKD 24,000 (Rs 1,98,503)
One kilo of India Gate Basmati Rice: HKD 25 (Rs 27)
One kilo of banana: HKD 18.83 (Rs 156)
One kilo of chicken: HKD 60 (Rs 496)
1 litre of petrol: HKD 16.19 (Rs 134)
Electricity charges: HKD 1.132 per unit (Rs 9.36)
Bus fares: Minimum fare of bus HKD 1 (Rs 8.27)
Rent of a studio apartment near T Nagar: Rs 9,000
One kilo of India Gate Basmati Rice: Rs 111
One kilo of banana: Rs 35-40
One kilo of chicken: Rs 200
1 litre of petrol: Rs 76
Electricity charges: Rs 3/unit (first 100 units are free)
Bus fares: Minimum fare of AC buses is Rs 30
Rent of a studio apartment in South Delhi: Rs 12,000
One kilo of India Gate Basmati Rice: Rs 155
One dozen bananas: Rs 60
One kilo of chicken: Rs 160-180
1 litre of petrol: Rs 72
Electricity charges: Rs 4 per unit
Bus fares: Minimum fare of AC buses is Rs 11
Rent of a studio apartment near CBD: Rs 20,000
One kilo of India Gate Basmati Rice: Rs 180
One kilo of banana: Rs 40-50
One kilo of chicken: Rs 120
1 litre of petrol: Rs 74
Electricity charges: Upto 30 units Rs 3.25 a unit
Bus fares: Minimum fare of AC buses Rs 10
Counted: 160 products and services
The Worldwide Cost of Living is a biannual Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rent, transport, utility bills, private school fees, domestic help salaries and recreational costs.
Reasons for distinction
The report says that within Asia, the best value for money has traditionally been offered by South Asian cities, particularly those in India and Pakistan. India is tipped for rapid economic expansion, but in per head terms, wage and spending growth will remain low. Income inequality means that low wages are the norm, limiting household spending and creating many tiers of pricing as well as strong competition from a range of retail sources.
This, combined with a cheap and plentiful supply of goods into cities from rural producers with short supply chains as well as government subsidies on some products, has kept
prices down, especially by Western standards.
Seoul, Tokyo and Hong Kong are the three most expensive places in the world to buy staple goods.
Singapore offers value in some categories, compared with its regional peers. For personal care, household goods and domestic help, Singapore remains cheaper than its peers, but
it remains the most expensive place in the world to run a car and the third-priciest destination in which to buy clothes.