This post has been updated.
Milan is the cheapest city in the world to buy your morning coffee, according to new research.
Deutsche Bank published its eighth annual “Mapping the World’s Prices” report, which compares and contrasts the cost of everything from a haircut to an iPhone X in 55 major cities around the world.
The Italian city of Milan came out as the cheapest city in the world for a cappuccino, at an average cost of $1.70 (£1.33). The average price in fact fell from $1.90 (£1.49) last year.
Italy has long been famous for its coffee culture and is the second largest importer of coffee beans in Europe. Italians typically have cappuccinos as a breakfast drink, preferring espresso after noon.
“If you are a connoisseur of the best coffee (a cappuccino in this case) then no need to stray from the home of coffee in Milan,” Deutsche Bank strategists Jim Reid, Craig Nicol, and Henry Allen wrote in the report. “It costs three times as much in Copenhagen, Dubai, Hong Kong and Oslo.”
Copenhagen came out as the most expensive city in the world for a morning pick-me-up. The average cup of coffee costs $6.30 in the Danish capital.
The ten cheapest cities in the world for a cappuccino are:
Milan, Italy — $1.70 (£1.33)
Buenos Aires, Argentina —$1.90 (£1.49)
Rome, Italy — $2.00 (£1.56)
Cape Town, South Africa — $2.10 (£1.64)
Johannesburg, South Africa — $2.10 (£1.64)
Istanbul, Turkey — $2.20 (£1.72)
Rio de Janeiro, Brazil — $2.30 (£1.80)
Sao Paulo, Brazil — $2.30 (£1.80)
Cairo, Egypt — $2.30 (£1.80)
Madrid, Spain — $2.70 (£2.11)
Deutsche Bank’s rankings are based on data collected by Expatistan, a cost-of-living comparison service that uses crowdsourced data on pricing.
“While it’s impossible to exactly match products and services around the world, we try to ensure as much uniformity as possible and then convert prices back to USD,” the Deutsche Bank team wrote. “We mostly use crowd sourcing as our input data.”