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Survey shows Budapest lags in wages but catches up in prices with the West | back to the news |
Published: 27-03-2008
Survey shows Budapest lags in wages but catches up in prices with the West
Budapest ranks only 7th among Central-Eastern European capitals in terms of average living standards, while only three cities, Moscow, Tallinn and Warsaw have higher prices, according to the latest biannual "Prices and Earnings" survey by the Swiss UBS Bank.
Prices in the Hungarian capital were about 78% of New York's and 62% when rents were included, but Budapest residents on average took home only one-fourth of the pay packets of New Yorkers.
The cost of living is in the medium range in Budapest, ranking it 47th overall on the list, which included 71 cities from around the world.
Oslo, London and Copenhagen remain the top three most expensive cities, while Dublin has leaped eight spots since 1995, now ranking fourth.
In terms of net purchasing power including rents, Zurich was on top, followed by Geneva and Berlin. Budapest ranked 47th on this list.
Based on an updated 2006 survey, the study compared prices of 122 consumer products and services with wages in 14 different professions.
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