Rīga remains one of the Top 50 most expensive cities in the world, according to a survey released June 13, but it’s not as costly as a year ago. The capital of Latvia ranks 48th in Mercer Human Resource Consulting’s 2004 survey, down from its ranking of 27 last year.

Using New York as the base, the London-based consultancy performed a March 2004 to determine a cost of living index for 144 cities around the world. The survey takes into account cost of housing, food, clothing and household goods as well as transportation and entertainment, according to a press release.

The most expensive city in the world, according to the survey, is Tokyo. London is the second-most expensive, while Moscow is No. 3. New York is 12th.

Just ahead of Rīga in the survey is Dakar, Senegal, while just behind is Prague, Czech Republic.