(MENAFN- Muscat Daily) A new global survey on cost of living has found that Saudi Arabia and Oman are the cheapest places to live in among the GCC countries.
The annual global cost of living index ranked Oman in 63rd place this year behind all GCC countries except Saudi Arabia which ranked 76th.
The rankings were prepared by Numbeo following a survey of 119 countries. The sultanate climbed six notches from 69th last year when it was ranked the least expensive in the GCC.
The index determined the difference in living costs between countries taking into account the price of groceries rent transportation restaurants and utilities.
According to the survey Switzerland is the most expensive country in the world while India is the most affordable country with the lowest cost of living.
The consumer price index (CPI) as part of the survey is a relative indicator of a country's living costs compared to New York with a base score of 100.
According to Numbeo which claims to be the world's largest database of user-contributed data on costs and prices Oman scored 54.20 which means cost of living in the sultanate is nearly 46 per cent cheaper than in New York.
The CPI index takes into account the cost of groceries transportation restaurants and utilities each containing a number of variables. The utilities costs are determined by the prices for electricity heating water and Internet among the few.
On the rent index Oman was ranked 33rd which puts its rents roughly on par with those in Russia Austria Tanzania and Sweden. Rents in Oman also proved far more affordable than Qatar UAE Kuwait and Bahrain.
Oman was ranked 74th on the cost of groceries making it cheaper than all GCC countries except Saudi Arabia which ranked 76th. The cost of groceries for instance is made up of the price for meat bread rice eggs fruits vegetables and alcohol.
Oman's overall restaurant price index ranked 59th making the sultanate the second cheapest to eat out after Saudi Arabia in the GCC. The restaurant costs comprise the prices for meals in expensive mid-range and inexpensive restaurants as well as the prices for coffee products alcohol and water in restaurants.
According to a recent GCC-Stat report UAE recorded the highest inflation rate among GCC states in October last year at 3.11 per cent followed by Kuwait and Qatar at three per cent each. Saudi Arabia recorded 2.6 per cent and Bahrain posted 2.5 per cent. Oman registered the lowest inflation rate of 1.02 per cent.
The Numbeo survey said Oman's purchasing power index is the tenth highest in the world leaving the sultanate behind Saudi Arabia (2nd) and Qatar (6th) but ahead of UAE Kuwait and Bahrain.
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