Dublin drops five places in annual cost-of-living survey

Dublin has reportedly dropped five places in an annual survey of the world's most expensive cities.

Reports this morning said the Irish capital has been ranked 18th out of 144 cities in the cost-of-living analysis published by Mercer Human Resources Consulting.

This compares to 13th place last year and follows several years in which Ireland has steadily climbed up the list.

Due to exchange rate fluctuations, Moscow is now ranked as the world's most expensive city, followed by Seoul.

Tokyo is down two places to third, followed by Hong Kong, with Asuncion in Paraguay ranked as the cheapest city of those surveyed.