The rise in the cost of living was prevalent across the globe in 2022. Therefore, the results of the annual survey of the Economist Intelligence Unit (EIU) which compares the cost of living in different cities around the world (Worldwide Cost of Living), are unsurprising.
The general conclusion of the research is that the average increase in the cost of living for 2022, compared to the previous year, is 8.1%.
“The war in Ukraine, Western sanctions against Russia, and China’s zero-Covid policies have created problems in the supply chain, which combined with rising interest rates and changes in currency rates have led to a rise in the cost of living across the world,” says the head of research at the EIU, Upasana Dutt, in a statement after the announcement of the results.
She adds that “this influence is clear, as the average price rise in the 172 cities we studied in our research is the largest in the 20 years we have had digital data. The increase in fuel has been significant (as it was last year) but also food, utilities, and other household goods are becoming more and more expensive for city dwellers.”
In a year with a high cost of living, which are the most expensive cities to live in?
The 10 most expensive cities in the world for the Economist Intelligence Unit:
1- New York and Singapore
3- Tel Aviv
4- Hong Kong and Los Angeles
8- San Francisco