The Worldwide Cost Livijg Index released by the Economic Intelligence Unit (EIU) revealed that the average cost of living increased by 8.1% in 2022.
This was due to the war between Russia and Ukraine as well as the palpable impacts of the pandemic.
“The war in Ukraine, Western sanctions on Russia and China’s zero-Covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world,” Upasana Dutt, head of worldwide cost of living at EIU, said in a media statement.
She added: “We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data. The rise in petrol prices in cities was particularly strong (as it was last year), but food, utilities and household goods are all getting more expensive for city-dwellers.”
The EIU, which tracks everyday expenses in 172 cities around the world, is based in London.
The world’s 10 most expensive cities to live in 2022 were:
1. New York and Singapore (tie)
3. Tel Aviv, Israel
4. Hong Kong and Los Angeles (tie)
6. Zurich, Switzerland
7. Geneva, Switzerland
8. San Francisco, California
9. Paris, France
10. Copenhagen, Denmark
