Taipei has fallen a few places in the latest ECA International Asia-Pacific cost of living rankings, which cited the city’s relatively low inflation environment.
The international consultancy firm’s cost of living survey for expatriates showed that Taipei has dropped from the 14th most expensive location in the Asia-Pacific region last year to the 27th this year. However, the city has risen from 72nd to 65th globally, overtaking a number of European locations.
“Prices in ECA’s Taiwan basket of goods and services typically purchased by expatriates increased just over 2 percent in the past 12 months — lower than the rises we saw in Hong Kong and China, but higher than in many parts of Europe,” ECA International regional director of Asia Lee Quane said.
“However, whether an expatriates spending power there would have been affected positively or negatively is likely to depend on whether they are paid in a currency that has weakened or strengthened against the New Taiwan dollar,” he said.
As the New Taiwan dollar has strengthened against the euro this year, many Europeans coming to Taiwan will see their purchasing power fall, and companies should adjust their allowances accordingly, Quane said.
ECA carries out two main cost of living surveys per year to help companies calculate cost of living allowances so that their employees’ spending power is not compromised while on international assignment.
The surveys compare a basket of like-for-like consumer goods and services commonly purchased by expatriates in over 440 locations worldwide.
In the latest survey, Seoul overtook Tokyo to become the Asia-Pacific region’s most expensive location for expatriates. Globally, the South Korean capital is in 10th place, up from 22nd a year ago.
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