Living costs in Dublin are increasing at a faster rate than in any other EU capital, according to a new world price survey published this week.
The study shows that in the six months between last spring and autumn, Dublin jumped from the Union's 13th to its eighth most expensive capital, clawing ahead of Brussels, Rome, Stockholm, Amsterdam and Athens.
In the same period the Irish capital has risen 49 places - from 99th to 50th - in the world rankings that compare the cost of living in 150 cities across the globe. This represents an increase of almost 12 per cent in the cost of living here, if it is assumed that prices in New York City remained the same. New York is used as a benchmark against which all other cities are compared.
Carried out by the Geneva-based Corporate Resources Group (CRG), the survey compares a basket of 200-plus items, including food, clothing, drink, cars, entertainment expenses and rental accommodation costs.
According to CRG, the research is used predominantly by governments and multinational corporations seeking to protect the purchasing power of personnel stationed abroad.
The study found that Asia was home to eight of the world's 10 most expensive cities, with Tokyo, Hong Kong, Beijing, Osaka and Shanghai topping the list in that order. Moscow came in sixth on the list and London eighth.
All cities in the survey receive a cost-of-living index relative to New York City, which is rated at 100 index points, placing it 16th on the world rankings at the latest count.
Between spring and autumn 1998, most European cities saw relative costs increasing but none more so than Dublin, where the cost index rose from 74.8 to 86.4. By comparison, the cost index for Swedish capital, Stockholm, fell marginally from 82.9 to 81.7.
The increase is particularly noticeable when compared to British cities, with London up only 0.8 of an index point from 111.6 to 112.4, Glasgow (up from 79.8 to 80.3) and Birmingham (up from 79.2 to 79.8).
The rise also puts Dublin ahead of the American cities of Chicago (85.6), San Francisco (85.3), Los Angeles (84.6) and Washington DC (80.1), as well as Sydney, Australia (71.8) and Toronto, Canada (68.1).
In addition, the gap between the Irish capital and the least expensive cities has widened.
In autumn 1998, Dublin was 37 per cent more expensive than Wellington, New Zealand, 72 per cent more expensive than Johannesburg, South Africa, 89 per cent more expensive than Madras, India and 298 per cent more expensive than Zimbabwe's capital, Harare.
By comparison Tokyo, with an index of 165.5, was 663 per cent more expensive than Harare which, with an index of 21.7, was at the bottom of the list.
