The Economist Intelligence Report was just released this year. They measure the highest cost of living and determine the most expensive cities to live in every year.
The cost of living survey prices rose by 7.4% year on year in local-currency terms. This is down from the 8.1% increase reported in last year’s survey, but it is still significantly above the trend in 2017-2021. Singapore maintained its pole position as the world’s most expensive city for the ninth time in the last eleven years. This year, it was tied with Zurich (Switzerland) and overtook New York (US), which fell to third place.
Western Europe accounts for four of the top ten most expensive cities in our ranking. This is due to sticky inflation in groceries and clothing, along with appreciation of the region’s currencies. Although three US cities (New York, Los Angeles, and San Francisco) are among the top ten, North American cities have, on average, slipped down our cost-of-living ranking.
The Russian cities of Moscow and St Petersburg experienced the biggest drop in the ranking as sanctions weakened the rouble.
Thanks for reading,
Chris
