Economist Intelligence Unit of the Economist Group has updated the list of the cheapest and most expensive cities in the world to live in.
The authors of the study compared more than 400 individual prices of 200 types of goods and services in 173 major cities in US dollars. All cities are compared to New York, which has a base ranking of 100 points.
In 2023, prices in these cities increased by an average of 7.4%. By comparison, the average cost of living in 2022 rose 8.1% year over year, the highest rate in 22 years.
According to the results of the study, Zurich and Singapore were named the most expensive cities in the world. The third and fourth places were awarded to New York and Geneva.
Top ten most expensive cities:
• Zurich;
• Singapore;
• New York;
• Geneva;
• Hong Kong;
• Los Angeles;
• Paris;
• Tel Aviv;
• Copenhagen;
• San Francisco.
The authors added that the analysis was carried out in the period from March to September of this year. In this regard, the armed conflicts in the Middle East and the weakening of the dollar may have affected the prices of some goods.
Damascus (Syria), Tehran (Iran) and Tripoli (Libya) are listed as the cheapest cities. These cities have seen moderate inflation over the past year. Tashkent took the 169th place in the ranking of the most expensive cities with a base score of 31 points.
The ten cheapest cities in the world
• Damascus;
• Tehran;
• Tripoli;
• Karachi;
• Tashkent;
• Tunisia;
• Lusaka;
• Ahmedabad;
• Lagos;
• Chennai;
• Buenos Aires.
The highest prices for utilities are in US cities, the highest prices for entertainment, public transportation and household goods are in European cities, and the highest prices for food and alcohol are observed in Asian cities.
It is concluded that the cost of living is increasing worldwide. This process has been influenced by armed conflicts and adverse climate changes, which have led to an increase in the cost of energy resources, which in turn has increased food prices. Experts predict a slowdown in global inflation in 2024.
