People in Dublin now live in one of the twenty most expensive cities in the world.
Dublin is in joint 16th place with Milan in a list of the world's most expensive cities to live in. Oslo in Norway tops the list, with Tokyo in Japan in the number two position.
Dublin is now in the top twenty of the most expensive cities in the world to live in.
The results of a survey by 'The Economist' magazine intelligence unit show that Dublin is more expensive than New York and Rome.
The news came as no surprise to people who live in Dublin many of whom thought it would actually be higher up the rankings.
According to the report, the cost of clothes and transport are two factors contributing to the high cost of living in Dublin. In New York, which is ranked at number 23 on the list, clothes and footwear are around 30 per cent cheaper than in Dublin, recreation and entertainment is around six per cent cheaper, and transport is around 30 per cent cheaper.
Michael Kilcoyne, Consumer Association of Ireland, says that savvy Irish consumers are travelling to New York for better value.
Tehran in Iran was at the bottom of the list at number 100.
An RTÉ News report broadcast on 31 January 2006. The reporter is Edel McAllister.
