The Economist Intelligence Unit has released its list of the world's 10 cheapest cities, based on the average cost of living.

In its latest Worldwide Cost of Living survey, EIU compared all cities with the base city of New York, which has an index value of 100. It found Asian and Middle Eastern cities dominating the top 10 list.

Eight of the 10 cities are repeaters from the previous year's list. Manila, Philippines, and Tunis, Tunisia, have been replaced by Muscat, Oman, and Katmandu, Nepal, in this year's list.

Click Start to see the 10 cheapest cities in the world.

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1. Karachi, Pakistan
With a score of 46, Karachi is world's cheapest city. Karachi was featured in EIU's WCOL survey last year as well. In picture: A colonial-era building undergoing restoration in Karachi on Dec. 27, 2010. REUTERS/Akhtar Soomro
2. Mumbai, India
With a score of 52, Mumbai, the financial capital of India, is the second-cheapest city to live in. Mumbai was also listed as one of world's least expensive cities in EIU's Worldwide Cost of Living 2011 report. Reuters
3. Tehran, Iran
With an index score of 54, Tehran is ranked the third-cheapest city in the world. In picture: People talk inside the historic Tabriz Market, about 633 kilometers (393 miles) northwest of Tehran, on Aug. 29, 2011. REUTERS/Morteza Nikoubazl
4. New Delhi, India
The Indian capital is ranked the fourth-cheapest city in the world with an index score of 56. In picture: Muslims attend Friday prayers at the Jama Masjid (Grand Mosque) in the old quarters of Delhi on Oct. 1, 2010. REUTERS
5. Jeddah, Saudi Arabia
Jeddah rounds off the five cheapest cities in the world. It was listed in EIU's WCOL report last year, as well. A man walks through a flooded street after a storm produced heavy rain in Jeddah on Nov. 25, 2009. REUTERS/Caren Firouz
6. Katmandu, Nepal Tie
With an index score of 58, Katmandu is featured on this year's list. The city was not listed in EIU's WCOL report last year. Shown is the Tenzing-Hillary Airport in Lukla, northeast of Katmandu. REUTERS/Gopal Chitrakar
Algiers, Algeria
Algiers is the capital city of Algeria. REUTERS/Zohra Bensemra
9. Dhaka, Bangaladesh
So far, 24 people are dead and dozens more injured, mostly in the northern part of Bangladesh, police and officials said on Sunday. Seen are Bangladeshi flood victims traveling by boat in front of the setting sun in Bangladesh's capital of Dhaka on Aug.1, 2004. REUTERS/Jayanta Shaw
10. Muscat, Oman
With an index score of 63, Muscat is the 10th cheapest city in the world, as per EIU's latest WCOL survey. Pictured is a tourist's reflection caught in the mirror of an antiques shop in the Mattrah Souq, the oldest market in Oman, in the capital Muscat on Oct. 28, 2007. REUTERS/Ahmed Jadallah
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