Panama City ranks as the cheapest place to live in Latin America.

A global study of the cost of living published by the EIU ranks the most expensive and cheapest cities in the world. While Tokyo continues to hold the top spot for the priciest places to live in; Panama City, Panama placed 8th among the world’s cheapest places to live.

The Global Survey Cost of Living, published twice a year by the EIU, compares hundreds of prices on 160 common products and services, such as food, drink, rent, utilities, education costs, and household items.

The 10 cheapest cities in the world

1. Karachi, Pakistan
2. Mumbai, India
3. New Delhi, India
4. Kathmandu, Nepal
5. Algiers, Algeria
6. Bucharest, Romania
7. Colombo, Sri Lanka
8. Panama City, Panama
9. Jeddah, Saudi Arabia
10. Tehran, Iran

Top 10 most expensive cities

1. Tokyo, Japan (up one place)
2. Osaka, Japan (up one place)
3. Sydney, Australia (up four places)
4. Oslo, Norway (up one place)
5. Melbourne, Australia (up four places)
6. Singapore (up three places)
7. Zurich, Switzerland (down six places)
8. Paris, France (down two places)
9. Caracas, Venezuela (up 25 places)
10. Geneva, Switzerland (down seven places)

The Economist Intelligence Unit’s Worldwide Cost of Living survey is a full service that enables human resources line managers and expatriate executives to compare the cost of living in 140 cities in 93 countries and calculate fair compensation policies for relocating employees.