The Economist Intelligence Unit (EIU) has released this year’s cost of living report around the world, revealing which cities in the world are the cheapest and which have become more expensive to live in. The report also contains major changes in the ranking compared to last year.
Comparing prices for more than 200 goods and services in 173 cities, the study shows that on average prices in local currency rose 7.4% year on year. This marks a decline from the record 8.1% growth reported last year. However, this year, price increases remain significantly higher than the trend in 2017-21.
This year, Singapore maintains its top position as the world’s most expensive city to live for the 9th time in the last 11 years. The first place is shared by Zurich, which rose from 6th place last year. New York, USA, which took first place last year, dropped to second, level with Geneva.
Overall, this year’s top ten included two Asian cities (Singapore and Hong Kong), four European cities (Zurich, Geneva, Paris and Copenhagen), three US cities (New York, Los Angeles and San Francisco) and Tel -Aviv in Israel.
