The average cost of living increased by 8.1% in 2022 across virtually the entire planet. According to a study in 172 cities around the world released by the Economist Intelligence Unit (EIU), 2022 had the fastest growth in at least 20 years, still suffering impacts from the war in Ukraine and restrictions related to Covid-19 in China.
The most significant increases in prices were felt in fuel, but also impacted food and essential services, such as electricity. In the mapping carried out, New York (USA) and Singapore appear tied for leadership as the metropolises with the highest cost of living.
EIU research compares more than 400 prices on more than 200 products and services across cities. Seeking to bring in a variety of companies, both high and low cost, to get a sense of how much prices have fluctuated.
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See the list of cities with the most expensive cost of living in the world
- 1st New York (USA)
- 1st singapore
- 3rd Tel Aviv (Israel)
- 4th Hong Kong
- 4th Los Angeles (USA)
- 6th Zurich (Switzerland)
- 7th Geneva (Switzerland)
- 8th San Francisco (USA)
- 9th Paris (France)
- 10th Copenhagen (Denmark)
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