England is no longer one of the world’s most expensive countries to live in, as prices of essential and luxury items have apparently decreased, which drops England down from the 2nd most expensive place to live to a more credit-crunch-friendly 7th place last year.

This means that it is now cheaper to live in England than in Denmark, France, Ireland, Sweden or Finland, according to a report published by PriceRunner.co.uk. Norway is deemed as the most expensive place to live, a title which it has won two years in a row, and China is the cheapest overall.

The report ranks countries based on prices for basic items, consumer gadgets, entertainment and travel costs. Peter Carlsson, general manager of PriceRunner.co.uk, comments: “Whilst we still pay more than many countries on the majority of items, it is good to see that prices in England are starting to fall on both essentials and luxuries.”