After analysing a wide-range of data — from food and fuel costs to salaries — the EIU put together a ranking of the most expensive and cheapest cities in the world to live in.
The list includes 133 countries, and naturally some of the world's key financial hubs, like London and New York City, ranked near the top the list.
But on the flipside, there were a host of cities from only a selection of regions that trailed right at the bottom of where in the world it is the cheapest to live.
10 (joint). Caracas, Venezuela — The EIU said that "in Venezuela the adoption of multiple exchange rates has made pricing Caracas nearly impossible." It added that "the economic difficulties in Venezuela are highlighted by the impact of these multiple exchange rates."
10 (joint). Damascus, Syria — The war-torn city understandably ranks very low because of geopolitical instability. Large parts of the country have been left in ruins by nearly five years of civil war.
8. New Delhi, India — It may be the most expensive city in India to live in, but it actually ranks in the top 10 cheapest places in the world to live in because of the cost of food and utilities relative to salaries.
7 (joint). Karachi, Pakistan — Food, transportation, and entertainment are relatively cheap. Housing is also very cheap, partly because of high crime rates.
7 (joint). Chennai, India — The city has a burgeoning metropolitan area, but around 30% of the city's population live in slums.
7 (joint). Algiers, Algeria — The national capital is famous for its white buildings, but its dense population and slums keep prices down. Food, transport, and housing are all super cheap.
7 (joint). Almaty, Kazakhstan — Houses are hard to come by, but there are plenty of flats that keep the accommodation supply buoyant. And because utilities are usually controlled by a central network, you won't have any choice when your heating is turned off, which keeps costs low.
3. Mumbai, India — It is the most populated city in India with 18.4 million inhabitants and houses the most billionaires and millionaires in the country. But local food, transportation, and housing costs are relatively cheap.
2. Bangalore, India — The city is known as the IT capital of India and is fast becoming more cosmopolitan. But relative to wages, living arrangements are extremely affordable.
1. Lusaka, Zambia — It's the capital and largest city in the country and also the centre for commerce and government. It's cheap for locals to live in, but if you are an expat, accommodation, transport, and schooling costs could be very high.