Dublin eighth most expensive city in world
Dublin is the eighth most expensive city in the world in which to live, according to a survey out today.
London was calculated to be the most costly for goods, services and rent, followed by New York, with the Irish capital in eighth place in the survey of 71 major cities.
People were found to have the highest net wages in Zurich and Geneva, followed by Dublin and Los Angeles, when a standard basket of 122 goods and services were compared.
Dermot Jewell of the Consumers’ Association of Ireland said the high prices were simply no longer a shock to Irish residents and tourists.
“Some time ago I would have been a little shocked but now I don’t think anyone would be, certainly from the Irish point of view,” Mr Jewell said.
The consumer watchdog said it was extraordinary that tourists continued to flock to Ireland in spite of the high prices.
“We are going to have to be able to offer an awful lot of value for money if we keep increasing our prices,” he said.
Mr Jewell revealed that he believed there was not currently value for money in general in Dublin.
“There is value in comparison to other cities,” he admitted. “But we certainly still do have some areas where prices are high but for no other reason than they can be.”
Mr Jewell, who urged consumers themselves to do more to speak out against the high prices, said restaurants and hotels were often steeply priced, and cinemas were extremely costly.
In the cities of western Europe and North America, workers in 14 different professions earned a gross hourly wage average of €14.
The study found the winners in the international comparison of wages to be English-speaking Europe, with Dublin and London newcomers to the top 10.
The “Prices and Earnings” study carried out by global banking and financial group UBS looked at purchasing power worldwide.
The study, which is published every three years, revealed that Dublin had risen to the eighth most expensive city since the survey was last carried out in 2003.
The research also compared how long it takes workers to earn enough money to pay for a Big Mac burger.
In Nairobi, one and a half hours’ work is needed to buy the burger, while in the US cities of Los Angeles and New York a maximum of 13 minutes’ labour is needed. In Dublin it takes just 15 minutes of work to purchase it.
Food costs the most in Tokyo at €560 for a basket of 39 food items, while the basket in Dublin costs €373, €367 in London and €430 in New York.
Public transport in general was most expensive in western Europe. While the price of a single ticket for a train journey of 200 kilometres was only €31in Dublin, it was €70.75 in London. In New York it was €40.70.
A city break was calculated to be most expensive in London at €915, while it cost €714 in New York and €636 in Dublin.
The bill for a three-course restaurant meal was €50 in London, €38.80 in New York and €41.10 in Dublin.
