In news that will come as no surprise to anyone who has been feeling the brunt of the crisis, the global cost of living crisis is far from over. Residents of big cities can really be affected.
Although this is slightly lower than the 8.1% jump itself The survey was recorded in 2022However, the numbers remain well above “historical trends.”
But there is some good news. Utility prices, the fastest-rising category in the 2022 survey, showed the least amount of inflation this time around.
Paul Albaran/Moment RF/Getty Images
Zurich, Switzerland (pictured) tied with Singapore as the world’s most expensive city on the Economist Intelligence Unit’s worldwide cost of living index.
The pace of price increases has been slowing as supply chain issues have eased since China lifted its coronavirus restrictions in late 2022.
However, grocery prices continue to rise as retailers pass on higher costs to consumers.
“We expect inflation to continue to slow in 2024, as the delayed impact of higher interest rates begins to weigh on economic activity and, in turn, consumer demand,” Upasana Dutt, head of global cost of living at EIU, said in a statement.
Dutt went on to warn of the upside risks of armed conflict and extreme weather.
She added: “Further escalation in the war between Israel and Hamas would lead to higher energy prices, while the greater-than-expected impact of the El Niño phenomenon would push food prices higher.”
Inevitably, rising costs of living mean that many cities are becoming more expensive to live in – but some are being hit harder than others.
Documentary film Maremagnum/Corbis RF/Getty Images
Israel’s Tel Aviv tied with Denmark’s Copenhagen in eighth place.
Singapore and Zurich, Switzerland, are ranked as the most expensive cities in the world.
The latter’s rise, which jumped from sixth place on last year’s list, is due to the strength of the Swiss franc along with rising prices for groceries, household goods and entertainment. Transportation and expensive clothing are also noted in Singapore.
Although New York tied with Singapore for first place last year, the popular American destination, where prices rose 1.9% according to the study, fell to third place, tied with Geneva in Switzerland.
Hong Kong, the only other Asian destination in the top 10, ranked fifth, while Los Angeles came in sixth place, and Paris ranked seventh on the list of the most expensive city in the world.
Israel’s Tel Aviv shares eighth place with Denmark’s Copenhagen. However, it should be noted that the survey was conducted before October outbreak of conflict between Israel and Hamas.
Finally, San Francisco, one of three US cities in the top ten, came in tenth place.
Movers and shakers
Chunyeap Wong/iStockPhoto/Getty Images
Hong Kong, the “Pearl of the Orient”, came in fifth place on the list of the most expensive cities in the world to live in.
At the bottom of the list, Russian cities Moscow and St. Petersburg saw some of the biggest drops, falling 105 places to 142 and 74 places to 147 respectively in this year’s rankings. The value of the The ruble fell significantly Since the Russian invasion of Ukraine in February 2022.
The survey said that a slow post-pandemic recovery and “declining consumer demand” were among the factors that led to Chinese cities such as Beijing, which ranked 34th last year, falling several places on the list.
Damascus, Syria, is still the cheapest city in the world. Tehran, Iran, and Tripoli, Libya, also lie near the bottom, ranking 172nd and 171st, respectively.
Utilities, household help and tobacco costs were highest in American cities, while Western European cities were among the most expensive when it came to entertainment, transportation and household goods.
Groceries and alcoholic beverages were the most expensive in Asian cities, according to the survey.
The Global Cost of Living 2023 surveyed 173 major cities, comparing more than 400 individual prices across 200 products and services. It excluded Venezuelan Caracas, where prices have risen by 450% since 2022.
1. Zurich and Singapore (tie)
3. New York and Geneva (tie)
5. Hong Kong
6. Los Angeles
8. Tel Aviv and Copenhagen (draw)
10. San Francisco
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”