Karachi has been ranked sixth cheapest cities in the world in the latest annual survey released by the Economist Intelligence Unit (EIU).

The EIU compares prices of 150 items in 133 cities globally which includes the cost of food, clothing, transport and utility bills. In this year's list the port city has been ranked on the sixth place along side Nigeria's Lagos. Karachi is followed by two Indian cities, New Delhi and Chennai. Whereas, Venezuela’s Caracas has been ranked as the least expensive city.

Meanwhile, Singapore has topped the EUI world's most expensive cities, alongside Paris and Hong Kong. "European cities tend to have the highest costs in the household, personal care, recreation and entertainment categories - with Paris being a good representative in these categories," BBC quoted report author Roxana Slavcheva.