Ukraine is in the TOP3 cheapest states according to the Cost of Living Index.

The index is based on about 50 factors, ranging from the cost of meal in restaurants, monthly fee in a fitness club to a bottle of wine and cappuccino, Numbeo reports.

The most expensive country in the world is Bermuda with the cost of living index of 144.88, the second and third places are taken by Switzerland (131.39) and Iceland (123.96) respectively. In general, the countries of northern Europe have traditionally remained the most expensive for living.

Read alsoUkraine ranks last among Europe's 44 countries in terms of economic freedomUkraine ranks third in the list of the cheapest countries with an index of 25.98, followed by Egypt (25.69), and Pakistan (25.08).

According to the data, Odesa has the highest cost of living index among Ukrainian cities (31,73), while Kyiv ranks second with the index of 29.99.

The rating does not include some countries in Africa, the Americas and some island states because of the lack of data on them.