Most expensive city? New York's not even in the top 20

The Economist has come out with its annual list of the world’s most expensive cities. Its calculations include a  number of factors, including the cost of a loaf of bread, a bottle of wine, a liter of gasoline or a pack of smokes.

For more details—including my attempts to smoke a cigarette and the marriage of Barbie and a shrimp—watch the video.

Bottom line, when it comes to the bottom line, no American city is even in the top 20.

Here are the top five, along with a few sample prices (we converted liters to gallons):

No. 4: A tie between Oslo and Melbourne

Melbourne:

Loaf of bread: $4.87
Bottle of wine: $25.03
Gallon of gas: $5.64
Pack of cigarettes: $15.72

Oslo:

Loaf of bread: $6.31
Bottle of wine: $17.58
Gallon of gas: $9.88
Pack of cigarettes: $15.24

No. 3: Sydney

Loaf of bread: $5.03
Bottle of wine: $25.38
Gallon of gas: $5.68
Pack of cigarettes: $15.48

No. 2: Osaka

Loaf of bread: $7.94
Bottle of wine: $17.55
Gallon of gas: $7.42
Pack of cigarettes: $5.57

No. 1: Tokyo

Loaf of bread: $9.06
Bottle of wine: $15.95
Gallon of gas: $7.46
Pack of cigarettes: $5.57

Tokyo has retaken the top spot after last year's winner, Zurich, fell to No. 7. The Japanese capital has been the most expensive city all but six times since 1992, earning it the title "Land of the Rising Sums."

Other cities are worthy of dishonorable mentions. Singapore has the most expensive average price for a bottle of wine, $25.65. Caracas, in the middle of Venezuela’s social unrest, has the most expensive average price for bread, nearly $9.50 a loaf.

But take heart! Not everywhere is expensive. Some cities are a bargain!

The least expensive cities on The Economist list are Algiers, Katmandu, New Delhi, Mumbai and, cheapest of all, Karachi, known as "The Gateway to Pakistan!" Bread and cigarettes—the two main food groups—are both under $2 in Karachi.

Of course, life is cheap, too. The city is considered one of the most dangerous in the world.