The most expensive cities in the world revealed

Singapore is the world most expensive city for the third successive year and is followed by Zurich, Hong Kong, Geneva and then Paris.The rest of the top ten were New York, Copenhagen, Seoul and Los Angeles,

knocking off Oslo, Sydney, and Melbourne, which have slid down the ranks due to the Australian dollar weakening, meaning good news for Brits travelling down under.

The study compares prices in shops for more than 160 basic goods and services, including food, toiletries, clothing, domestic help, utility bills, cigarettes and wine.

New York, which is used as base for comparison in the survey, is at its highest rank since 2002 and has climbed by an impressive 42 places since 2011.

But interestingly neither Los Angeles nor the Big Apple have seen the price of bread, or average rent suddenly shoot up over the past year - instead, the climb is gradual.

Since the price of oil is falling and the US dollar strengthening, inflation has been low across the States and, according to the Economist Intelligence Unit's (EIU), local prices haven't raced up.