Tokyo is world's most expensive city, says study

Tokyo is the world's most expensive city, according to new research revealed today.

London has remained the most expensive city in Europe because of its “steep” housing and transport costs

But the UK capital fell a place to third in an annual world study of 144 cities, behind Tokyo and Osaka.

The study by Mercer Human Resource Consulting looked at the cost of housing, transport, food, clothing, household goods and entertainment.

New York remained the most expensive city in North America, while four of the world’s costliest cities to live in were in Asia.

Tokyo was top of the league, with Osaka second, London third, Moscow fourth and Seoul fifth.

Sydney remained the most expensive city in Australasia.