According to the Worldwide Cost of Living study, the cost of living around the world has increased by an average of 7.4%. Singapore and Zurich became the most expensive cities.
Better than previous years
The ranking of the most expensive cities in the world consists of 173 megacities. Among them, Kyiv took 132nd place in terms of cost of living.
Last year, the city was left off the list due to the start of a full-scale Russian invasion. For comparison, in 2021 the capital of Ukraine was in 118th place.
Other cities in the ranking
The most expensive cities this year were Singapore and Zurich. Singapore was even ahead of New York, which was in third place.
Overall, most North American cities fell in the cost of living rankings, although Los Angeles and San Francisco made the top ten, along with New York.
Western Europe accounts for four of the top 10 most expensive cities in the ranking due to persistent food and clothing inflation coupled with the region's rising currencies.
In total, the top ten most expensive cities in 2023 included:
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- two Asian megacities: Singapore and Hong Kong;
- four European cities: Zurich, Geneva, Paris and Copenhagen;
- three cities in the USA: New York, Los Angeles and San Francisco;
- Tel Aviv in Israel.
Rising prices in the world
The study includes the criterion of rising prices for various goods and services. Utility prices have risen more slowly over the past year, reflecting the waning impact of Russia's 2022 invasion of Ukraine. However, food prices continue to rise rapidly.
Overall, global cost of living growth has slowed from the 8.1% reported in last year's survey but remains well above the 2017-21 trend.
