We’ve got some sad news – the latest inflation predictions from the Worldwide Cost of Living Index show that the global crisis is far from over.
While this might not come as a surprise, it’s still pretty disappointing. The average cost of living rose by 7.4 percent this year, with grocery prices having increased the fastest.
But it’s not all bad. The rate of inflation has decelerated, and utility bills – the fastest-growing category last year – have this year experienced the least amount of inflation. But deceleration doesn’t undo the fact that life has just gotten a bit more expensive, and some cities have been hit particularly hard.
This index, published by the Economist Intelligence unit, surveyed 173 major cities and compared over 400 individual prices across 200 services and products.
Topping the list of the most expensive places to live is the Swiss city of Zurich and the city-state of Singapore. The destinations tied for first place, with Zurich having jumped six places from its 2022 position.
Zurich’s jump is largely due to the strength of the Swiss Franc, plus pricey groceries and recreation. Singapore on the other hand has expensive transport and clothes costs.
Last year’s ranking tied Singapore and New York at first place, but the Big Apple has slipped to tie third with Geneva for 2023. In spot number eight, it’s Tel Aviv and Copenhagen, though it’s worth noting that this research was conducted before the outbreak of the current conflict.
The list includes cities from all over the world, which highlights the global reach of the cost of living crisis. Though no South American cities have been included in the list, the survey also found that the cost of living in Caracas, Venezuela, has shot up by an enormous 450 percent since 2022.
The world’s 10 most expensive cities right now
1. Zurich and Singapore
3. New York and Geneva
5. Hong Kong
6. Los Angeles
7. Paris
8. Tel Aviv and Copenhagen
10. San Francisco
Did you see that these are officially the best countries for digital nomads in 2024?
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