Leading the way are Singapore and Zurich: the most expensive cities in the world and economic realities

By TravelWiseFeb 6, 2024 14:03 PMNews
Share:
Leading the way are Singapore and Zurich: the most expensive cities in the world and economic realities
EIU ranks Singapore and Zurich as the world's most expensive cities in 2023. Source: Freepik

According to the annual Global Cost of Living Index by the Economist Intelligence Unit (EIU), the average cost of living increased by 7.4% this year, with a particularly noticeable surge in food prices. This growth is significantly higher than in all previous years.

The alleviation of supply chain issues after China lifted COVID-19 restrictions at the end of 2022 has decelerated utility price inflation. Meanwhile, food prices continue to climb as retailers transfer higher costs to consumers, as reported by NewsBytes.

According to CNN, Upasana Dutt, head of global cost of living at the EIU, predicts a slowdown in inflation in 2024 due to rising interest rates and the potential impact of conflicts and extreme weather.

Cities with the most expensive living in the world:

The rising cost of living affects cities in different ways, with some experiencing a more pronounced impact.

The EIU ranks Singapore and Zurich as the most expensive cities in the world in 2023. Zurich's rise, attributed to the strong Swiss franc and high prices for food and household goods, helped push New York down to third place, tying it with Geneva in fourth.

Hong Kong took fifth place, the only Asian city in the top ten, followed by Los Angeles in sixth place and Paris in seventh.

Tel Aviv and Copenhagen are tied for eighth place, although the study was conducted before the conflict between Israel and Hamas. San Francisco rounds out the top 10, emphasizing the strong presence of American cities.

Decline in China and Russia:

The Russian cities of Moscow and St. Petersburg have significantly worsened their positions, dropping 105 places to 142 and 74 to 147, respectively, in this year's ranking.

The depreciation of the ruble following Russia's invasion of Ukraine in February 2022 was identified as a key factor.

In addition, Chinese cities, such as Beijing, are experiencing a downturn due to the slow recovery from the pandemic and depressed consumer demand.

Damascus is the most affordable city in the world:

There are significant differences in spending across regions, with US cities leading the way in terms of spending on utilities, domestic workers, and tobacco products. Meanwhile, Western European cities top the rankings for spending on recreation, transportation, and household goods.

Asian cities stand out for their high food and alcohol prices, creating a mosaic of the various economic challenges faced by residents around the world.

A 450% jump in prices:

To compile the 2023 Global Cost of Living Index, 173 major cities were studied in detail, carefully comparing more than 400 individual prices for 200 different goods and services.

It is worth noting that Venezuela's Caracas was excluded from the study due to a staggering 450% jump in prices since 2022, reflecting exceptional economic circumstances.

Top Articles
Not Just a Suitcase: My Personal Checklist for Smart Travelers in 2025

Not Just a Suitcase: My Personal Checklist for Smart Travelers in 2025

Mar 3, 2025 18:00 PM
Practical Eco-Friendly Travel Solutions for Sustainable Tourism

Practical Eco-Friendly Travel Solutions for Sustainable Tourism

Feb 14, 2025 15:00 PM

Top Tips for Securing Your Luggage and Preventing Loss

Feb 7, 2025 14:00 PM

Your Guide to Hand Luggage and Baggage Rules

Feb 4, 2025 20:00 PM
More News
Modern hotel room with large windows, double bed, and a sofa

Radisson Blu Opens Eco-Friendly Hotel in Ha Long Bay

Apr 30, 2025 03:37 AM
beOnd aircraft on runway before departure

beOnd Adds 18 Direct Routes to the Maldives, Cutting Layovers

Apr 29, 2025 21:24 PM

UK Railways Gear Up for Winter with New Fleet to Tackle Seasonal Delays

Apr 29, 2025 19:32 PM

AirAsia Expands Flexibility with Paid Cancellation Options

Apr 29, 2025 17:48 PM
A vehicle entering Serengeti National Park through main gate in Tanzania

Marriott to Open First Safari Camp in Tanzania’s Serengeti Blending Nature and Infrastructure

Apr 29, 2025 15:53 PM
People with luggage walking through a modern airport terminal with electronic signs and escalators

Edinburgh Airport Cuts Security Time with New Scanners

Apr 29, 2025 13:56 PM
Elegant hotel room with large bed and modern decor

Batumi's Tourism Scene Expands with the Arrival of La Quinta Hotel

Apr 29, 2025 04:47 AM
A person walking into London Euston Station entrance

Travel Disruptions Expected as Euston Station Closes

Apr 29, 2025 02:31 AM
Finnair aircraft on the runway with green hills in the background

Finnair to Lay Off Pilots and Cut Long-Haul Routes Amid Ongoing Strikes

Apr 28, 2025 23:29 PM

flydubai Expands Seasonal Summer Flights to 11 Destinations

Apr 28, 2025 21:36 PM

New SIRO Boka Place Brings Active Travel to Montenegro’s Coast

Apr 28, 2025 19:53 PM
Railway tracks diverging under streetlights at sunset

Major Disruptions Expected on Britain’s Railways Over May Bank Holidays

Apr 28, 2025 17:28 PM
Emirates Boeing 777 taxiing at Dubai Airport with city skyline in background

New Travel Opportunities as Emirates Expands 2025 Flight Network

Apr 28, 2025 15:34 PM
Railway track stretching through open fields at sunset in the Scottish Highlands

Flow Country Becomes a New Travel Destination in Scotland

Apr 27, 2025 23:25 PM
Air India aircraft parked at an airport terminal during ground handling operations

Air India Eases Transfers and Refreshes Cabins for Smoother Journeys

Apr 27, 2025 19:33 PM

Easier Journeys Ahead: Belgrade–Geneva Flights Resume in 2025

Apr 26, 2025 13:47 PM

A New Nordic Journey: What Travelers Can Expect from the North

Apr 26, 2025 11:34 AM
United Airlines aircraft taking off from airport runway

Fewer Stopovers: Edinburgh–D.C. Route Gets Winter Boost

Apr 26, 2025 09:23 AM
Aerial view of Tenerife Beach with a vast sandy shore and calm waters

Europe’s Beaches in 2025: What’s Worth Your Trip This Summer?

Apr 26, 2025 06:49 AM
Woman holding megaphone at a public protest during a strike

Belgian Airports Brace for Major Disruptions as Nationwide Strike Causes Flight Cancellations

Apr 26, 2025 03:35 AM
Amtrak passenger train at station platform

Amtrak Announces New Route Linking Gulf Coast Cities

Apr 25, 2025 23:38 PM
Poolside seating with umbrellas and chairs

Avani+ Fujairah Resort to Open in 2028, Expanding Travel Options in UAE

Apr 25, 2025 21:46 PM

Travelers in Jakarta Get New Emirates Service Center

Apr 25, 2025 19:21 PM

New Budget-Friendly Super 8 Hotels to Open Across Spain and Portugal

Apr 25, 2025 17:37 PM
Air France aircraft preparing to land

Air France Expands In-Flight Entertainment With CANAL+ Content From May 2025

Apr 25, 2025 15:45 PM
Train crossing a bridge surrounded by nature

New Rail Partnership Expands Easy Access to European Train Travel

Apr 25, 2025 03:22 AM