Seoul is the sixth most expensive city in the world in terms of cost of living, according to a report published by the Economist Intelligence Unit on Thursday.
The price of groceries in Seoul is 50 percent higher than in New York and bread in particular is more expensive than in other countries, according to the report.
Singapore was found to be the world's priciest city for the fifth straight year, followed by Paris and Zurich. New York fell to 13th due to the weakening of the U.S. dollar.
The annual report compares the prices of over 150 items in more than 130 cities, ranging from food and clothing to transport and utility bills, to help companies calculate compensation rates when relocating employees.