The Economist Intelligence Unit (EIU) has published its Worldwide Cost of Living Index for 2023. These are the most expensive cities in the world to live in, as reported by the Statista portal.
The latest report by The Economist Intelligence Unit states that Singapore and Zurich are at the top of the ranking of the most expensive cities in the world to live in. Singapore repeats the position it already held in 2022, along with New York. Zurich, meanwhile, has moved up from sixth place in last year’s list. The strength of the Swiss franc as well as the high prices of food, household goods and entertainment seem to be the reasons for this rise in the city’s standard of living. Singapore also stands out for the high price of transportation and clothing.

💡 This information can be found at this Statista link.

What was the most expensive city in 2022 -along with Singapore-, New York, has fallen to third place, where it ties with Geneva, another Swiss city. Los Angeles and San Francisco are also in the top ten, along with Hong Kong, Paris, Copenhagen and Tel Aviv.

ciudades mas caras 2023

Cost of living, on the rise

The Economist Intelligence Unit (EIU) compares prices of more than 200 everyday products and services such as food, rent, clothing and transportation in 173 cities around the world.

According to the 2023 data, prices rose by an average of 7.4% year-on-year in these cities. The figure is slightly lower than the 8.1% increase recorded in 2022 but significantly higher than the trend recorded between 2017 and 2021.

The Economist Intelligence Unit justifies this on the global cost of living crisis that is still present this 2023. Those responsible for the study assure that the cost of living crisis is far from over and price levels remain well above historical trends. However, they expect inflation to continue to decelerate in 2024.