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New Report: World's Most Expensive Cities

CNNMoney |  If you think New York is expensive, try Luanda, Angola where you'd pay $28 for a CD and about $20 for a club sandwich and a soda, according to an annual survey on the cost of living around the globe by consulting firm Mercer.

Costs are so high in Luanda for Americans that Mercer deemed it the most expensive city in the world for the second year in a row.

The biggest trend to emerge in this year's survey—which compares the cost of housing, coffee, food, clothing and transportation for expatriates in 214 cities across five continents—was that American and European cities slipped in the rankings, while African and Asian cities climbed.

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