A recent survey showed that New Delhi and Mumbai are listed among the world's top ten cheapest cities to live in this year.

[Click on the slideshow here to see the list]

A survey conducted by Economist Intelligence Unit (EIU) revealed a list of cheapest cities topped by India's commercial and entertainment capital, Mumbai, and Pakistan's former capital and country's present financial centre, Karachi.  

India's national capital New Delhi was in second place followed by the Nepalese capital of Kathmandu and the Algerian capital of Algiers.

Referring to India, the survey report stated, "Income inequality means that household spending levels are low on a per capita basis, which has kept prices down, especially by Western standards," reported Reuters.

Other cities to join the suite of cheapest cities were Bucharest in Romania, Colombo in Sri Lanka, Panama City, Jeddah in Saudi Arabia, and Iranian capital Tehran.

The survey by EIU was conducted in 131 cities across 93 nations and is used by companies for costings when relocating staff.

EIU also revealed the top 20 expensive cities of the world with Tokyo topping the list followed by another Japanese city, Osaka.  

Two Australian cities made it to the top five expensive cities with Sydney falling third and Melbourne in the fifth position. The fourth expensive city in the world was Oslo in Norway.

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