Delhi, Mumbai among world's least expensive cities

New Delhi: India’s national capital Delhi and financial hub Mumbai have been ranked among the least expensive cities around the world by a survey.

According to a research by Swiss Banking major UBS, Delhi and Mumbai were at the bottom of the price range in the list of most expensive cities that surveyed 73 places worldwide.

On the other hand Oslo, Zurich and Copenhagen were ranked among the most expensive places with skyrocketing living costs in the world.

The findings come at a time when the food and commodities are getting dearer and a drought-like situation is likely to push the prices further up.

Finance Minister Pranab Mukherjee recently said the Government is likely to resort to imports to maintain demand supply gap as production of foodgrains and agri-commodities are set to fall due to deficient monsoon.

Interestingly, many cities spread across less developed economies were ranked ahead of the two major Indian cities in the list of most expensive places.

The survey highlighted that many of the world's regions witnessed a switch in their rankings, due to the financial crisis and fluctuating currency scenario.

“Currency devaluation pushed down prices in many emerging market cities. Prices slipped the most in Mexico City, Moscow and Seoul,” the UBS report said.