It’s cheapest to live in India than US, UK, Germany: SBI

The rise in the cost of living in India is lower when compared with the likes of UK and Germany, according to SBI Research Ecowrap.

The report said there has been a manifold jump in the cost of living across countries, with food and energy prices going through the roof as the International Monetary Fund pointed out recently.

With the central banks across countries in the midst of a rate hike cycle, the cost of owning a house in respective countries has also jumped manifold, it said. However, the good thing is that India still stands like an oasis in this era of uncertainty.

According to the latest IMF report, “Food and energy prices have been in the same phase (boom or bust) about 75 per cent for the period since 2004.”

The report released said such inflation affects most economies across the world with a severe impact on lower-income groups in developing economies as in these countries, food consumes a significant household consumption expenditure. It said this has a direct impact on the cost of living in these countries and since the beginning of the Ukraine-Russia conflict, there has been a significant surge in prices across developed as well as emerging economies.