L.A. is practically a bargain

In Mercer's annual survey on the most expensive cities in the world (courtesy of Fortune), Los Angeles slides all the way down to 42nd place from 29th a year ago. NY was 15th from 10th. Those were the only two North American cities to crack the top 50 (SF was 54th; Toronto 82nd). Mercer uses the cost of living in NY as as base, taking into account, housing, transportation, food, clothing, household goods and entertainment. For L.A., housing must have been a big factor in its top-50 status. So what's the world's most expensive city? Check the jump.