While Draghi and his co-conspirators hammer the deflation ogre in Sendai, there is some good news for those who partake of ‘sin’. Broadly speaking the cost of beer-and-cigarettes (what Deutsche Bank defines as ‘sin’) has dropped notably over the past two years with prices in Moscow and Stockholm plunging the most (while Madrid and Mumbai have risen the most). However, those looking for the cheapest way to maintain their bad habits should head to Manila in the Philippines (and avoid Melbourne, Australia).