Vancouver ranked North America’s priciest city

Vancouver reigns as the most expensive city in North America to live in, even more so than swanky locales such as New York and Los Angeles, according to annual rankings by The Economist.

The Economist Intelligent Unit's (EIU) worldwide cost of living index 2013 released this week ranked Vancouver 21st globally, climbing 15 spots from its last ranking.

In the U.S., New York and Los Angeles tied for being most expensive. Globally, the two cities ranked 27th.

Internationally, Tokyo was ranked the most expensive. The buzzing metropolis has held that position for most of the last two decades.

Asian cities make up 11 of the world’s 20 most expensive, compared with eight from Europe. As well, Australian cities have been rising quickly up the rankings.

The report ranks cities based on the cost of 160 goods and services, from food, toiletries and clothing to domestic help, transport and utility bills.

To put that in context, the average price for a loaf of bread in Tokyo is US$9.06, compared to 86 cents in Mumbai, India, which was ranked along with Karachi, Pakistan as the least expensive cities in the world.