Mumbai retains its position as India’s most expensive city according to the Mercer Survey 2024 on Cost of Living, while Hong Kong leads globally. The report ranks Mumbai highest in India, with Delhi following closely behind. Among Asian cities surveyed, Mumbai ranks 21st for expatriates, marking a rise of six places, while Delhi holds the 30th spot, climbing two places from the previous survey.
Mumbai and Delhi may be the most expensive cities in India, but they are not even among the 30 most expensive cities in the world. The financial capital of India climbed 11 places to reach the 136th position globally. New Delhi ranks at 164th position. Chennai dropped five places and currently stands at 189, Bengaluru dropped six places to fall at 195th position and Hyderabad at 202. Pune and Kolkata jumped eight and four places respectively to reach 205 and 207 ranks respectively. The Indian economy has experienced significant growth which is primarily driven by domestic demand and a thriving services sector, the report said.
The factors which resulted in the impact of the cost of living in India are employment growth, a rising middle class and overall economic growth. The survey report ranked US cities higher in rank. One of the reasons could be the US dollar’s strength over most currencies. Contrary to other countries, the Indian rupee remained stable against the dollar. Therefore, there is no significant dip in the ranking of the cities, the report stated.
As per the survey report, personal care like cosmetics, toiletries and beauty products is the most expensive in Mumbai, closely followed by Chennai. It is the least in Kolkata. Mumbai and Pune are the most expensive in terms of energy and utility costs in India. Milk and dairy products, bread products, beverages, oils, fruits and vegetables are the most economical in Kolkata followed by Pune.
Housing rentals have increased in the range of three to six per cent in Bengaluru whereas it’s two to four per cent in Pune, Hyderabad and Chennai.
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