WELCOME TO COLOMBO - AND SPEND LESS

* Comparisions based on COL indices
* Ranked as the seventh least expensive city

Colombo is among the least expensive cities in the world, according to an annual survey by the Economist Intelligence Unit (EIU).

The EIU worldwide cost of living index released Monday ranked Colombo as the seventh least expensive city in the world.

Karachi, Pakistan and Mumbai were the joint cheapest locations in the survey followed by New Delhi, Nepalese Capital Kathmandu and Algerian Capital Algiers, according to Reuters.

Bucharest, Romania is joint number five with Algiers and ranked 8, 9 and 10 in the least expensive category are Panama City - Panama, Jeddah - Saudi Arabia and Tehran, Iran.

Tokyo - Japan, Osaka - Japan and Sydney - Australia have been ranked as the world’s most expensive cities respectively.

While Asia and Australasia is home to 11 of the 20 most expensive cities, the region is also home to six of the 10 cheapest.

The survey gathers detailed information on the cost of more than 160 items - from food, toiletries and clothing to domestic help, transport and utility bills - in every city.

The Economist Intelligence Unit, use the Worldwide Cost of Living survey to compare cost of living indices in different cities.

The 10 most expensive cities in the world

1. Tokyo, Japan (+1 place)
2. Osaka, Japan (+1)
3. Sydney, Australia (+4)

4=. Oslo, Norway (+1)
4=. Melbourne, Australia (+4)

6. Singapore (+3)
7. Zurich, Switzerland (-6)
8. Paris, France (-2)
9. Caracas, Venezuela (+25)
10. Geneva, Switzerland (-7)

The 10 least expensive cities in the world

1=. Karachi, Pakistan
1=. Mumbai, India

3. Delhi, India
4. Kathmandu, Nepal

5=. Algiers, Algeria
5=. Bucharest, Romania

7. Colombo, Sri Lanka
8. Panama City, Panama
9. Jeddah, Saudi Arabia
10. Tehran, Iran