One piece of news that will come as no surprise to anyone who has felt the pinch is that the global cost of Living crisis is far from over. And people living in Cities can certainly endure it. 

The average cost of living increased by 7.4% this year, according to the Economist Intelligence Unit's (EIU) annual Global Cost of Living Index. Food Prices rose the fastest. 

Although this is slightly less than the 8.1% increase recorded in the same study in 2022, the figure is still well above “historic trends.” 

But there's good news. Utilities, the fastest-growing category in the 2022 survey, had the lowest rate of inflation this time around. 

Since China lifted coronavirus restrictions in late 2022, price increases have slowed as supply chain issues ease. 

However, food prices continue to rise as retailers pass higher costs on to consumers. 

"We expect inflation to slow further in 2024 as the delay in rate hikes begins to impact economic activity and, in turn, consumer demand," Upasana Dutt, head of global cost of living at the EIU, said in a statement. said. 

Dutt also warned of upside risks from armed conflict and extreme weather. “Energy prices will rise if the Israel-Hamas war intensifies further, and food prices will rise further due to the stronger-than-expected impact of El Niño,” she added. 

The rising cost of living has inevitably made many cities more expensive to live in, but some cities have been hit harder than others. 

The city-state of Singapore and Switzerland's Zurich have been named the world's most expensive cities. 

The latter's rise, which jumped from sixth place on last year's list, is due to the strength of the Swiss franc, as well as higher prices for food, household goods and leisure goods. She also mentioned the high cost of transportation and clothing in Singapore. New York tied for first place with Singapore last year, but the survey found that the popular US destination, where prices rose 1.9%, has fallen to third place, tied with Geneva, Switzerland. 

Other Asian destinations in the top 10 include Hong Kong in fifth place, Los Angeles in sixth place and Paris as the seventh most expensive city in the world. 

Tel Aviv, Israel, shares eighth place with Copenhagen, Denmark. However, it is worth noting that this survey was conducted before the conflict between Israel and Hamas erupted in October. 

Finally, San Francisco, one of her three US cities in the top 10, came in at number 10. At the bottom of the list, the Russian cities of Moscow and St. Petersburg have fallen the most, dropping 105 places to 142nd and 74 places to 147th in this year's rankings, respectively. In 2022, there will be a significant decrease in February. 

The study found that a slow recovery from the pandemic and "weak consumer demand" were among the factors that caused several Chinese cities to fall, including Beijing, which ranked 34th last year. 

Damascus, Syria remains the cheapest city in the world. Tehran (Iran) and Tripoli (Libya) also rank last, at 172nd and 171st respectively. Utilities, domestic help, and tobacco products costs were highest in U.S. cities, while leisure, transportation, and household goods were highest in Western European cities. 

According to the study, food and alcohol prices were highest in Asian cities. 

The 2023 Global Cost of Living Study looked at 173 major cities and compared more than 400 individual prices for 200 products and services. Caracas, Venezuela, where prices have increased by 450% since 2022, is not included.

The world’s 10 most expensive cities for 2023

1. Zurich 

2.Singapore

3. New York 

4.Geneva

5. Hong Kong 

6. Los Angeles 

7. Paris

8. Tel Aviv 

9.Copenhagen 

10. San Francisco