Sydney named seventh most expensive city in the world

Financial services firm UBS has released the results of a comparative study that looks at the cost of living across major international cities.

Sydney has come in at seventh most expensive worldwide, beneath cities such as Tokyo, Stockholm and Zurich.

The report looks at cost of goods, exchange rates, wages and GDP growth when drawing its conclusions.

Sydney has jumped up the ranks, fuelled in part by the strength of our currency against the US dollar.

Other cities have fallen in the charts, such as US giant New York.

Sydney is the only Australian city to be included in the rankings and has managed to eclipse London - which is currently in 15th place.

The report confirms the suspicions of many Sydneysiders, as the cost of such goods as fuel and furniture have seen recent jumps.

Natural disasters have also helped propel fruit prices to levels out of reach of many consumers.

Many are finding that existing budgets aren't covering as much of the household expenses as they used to.

Consumers can help weather the rise in costs by comparing electricity suppliers.

A quick, painless comparison survey may be able to identify potential savings from switching providers.