Singapore ranks as the 8th most expensive city to buy coffee, a recent study by financial comparison website Finder has revealed.
The study results were released to mark the International Coffee Day which falls on Oct 1.
Financial comparison website Finder created The Starbucks Index 2019 to compare the differences in price for the same cup of coffee in 76 countries around the world.
Topping the list is Copenhagen, Denmark where the same coffee costs the equivalent of $6.05. Those in Istanbul, Turkey only paid $1.78 to get their buck.
While the cost of a coffee includes other variances that are not included in the research – such as the cost of raw coffee, local labour costs, and taxes – this Index is noted as an informal way to measure local prices for a common item against other countries, reports have said.
According to Finder, the study itself has two components: a coffee cost comparison and a currency valuation index. The coffee cost comparison converts the local cost of a tall latte into US dollars across all 76 countries. The currency valuation index takes into account the fact that dollar values alone are insufficient to determine how much a coffee actually costs in different countries since wages (as reflected in GDP) are higher in some countries than others.
The Index measures each country’s coffee cost to GDP-per-capita ratio against the average trend across all countries. It measures the actual cost of a coffee compared to what a country’s GDP indicates it ought to be.