Melbourne and Sydney no longer rank among the world’s top 10 most expensive cities

Sydney and Melbourne have been pushed from the world’s 10 most expensive cities due to the weaker Australian dollar.

London, New York and Los Angeles have pushed Sydney, Melbourne and Oslo out of the Economist Intelligence Unit’s top 10 most expensive cities.

Singapore was ranked as the most expensive city for the third year running, closely followed by joint second place holders Zurich and Hong Kong.

Sydney and Melbourne have fallen from fifth and sixth place to 20th and 21st, respectively.

The twice yearly survey compares prices more than 160 products and services including, food, drinks, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational help.

Survey editor Jon Copestake said he could not remember a year as volatile as 2015.

"Falling commodity prices have created deflationary pressures in some countries but in others, currency weakness caused by these falls has led to spiralling inflation," Mr Copestake said in a statement today.

The Australian and New Zealand dollars have also weakened significantly from highs of two years ago, making cities in Australasia more affordable to global travellers, it said.

Brisbane has fallen to 49th position and Adelaide to 53rd.

Three years ago Perth ranked as the 11th most expensive city in the world but has now fallen to 56th, just above Bangkok and Hanoi.

Auckland and Wellington have also become cheaper, at 38th and 42nd respectively.