Guyana among countries with lowest cost of living

TIMES INT'L

guyanaGuyana has been listed as one of the countries with the lowest cost of living, according to a survey done by Numbeo.com.

The map shows the difference in living costs around the world using figures from the world’s largest database of user contributed data about cities and countries worldwide. The Consumer Price Index, used to determine the difference in the living costs between countries takes into account the prices of groceries, transportation, restaurants and utilities.

The CPI in the infographic is a relative indicator of a country’s living costs compared to New York. So, for instance, if a country has a CPI of 70, on average it enjoys 30% cheaper living costs compared to New York. The Consumer Price Index takes into account the cost of groceries, transportation, restaurants and utilities, each containing a number of variables.

The cost of groceries, for instance, is made up of the price for meat, bread, rice, eggs, fruits, vegetables and alcohol. The transportation cost includes one-way tickets, monthly passes, taxi fares, petrol prices as well as the prices of a Volkswagen Golf. The restaurant costs comprise of prices for meals in expensive, mid-range and inexpensive restaurants, as well as the prices for coffee products, alcohol and water in restaurants.

The utilities costs are determined by the prices for electricity, heating, water and Internet, among the few. The data was collected by Numbeo, the world’s largest database of user-contributed data on costs and prices around the world.

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