HomeChinaThe most expensive cities in the world have been named: in 2023,...

The most expensive cities in the world have been named: in 2023, two new leaders at once

Zurich (Switzerland) and Singapore were recognized as the most expensive cities in the world in 2023.

Meanwhile, last year’s leader New York (USA) fell to third place, which it shared with another Swiss city – Geneva, writes CNN concerning the data of the Worldwide Cost of Living Index.

At the same time, last year Zurich took the sixth place, and Singapore – the second. Geneva had seventh place a year ago.

Such a noticeable jump in the ranking of Swiss cities is explained by experts with the strengthening of the Swiss franc, as well as high prices for food, household goods, and recreation. In Singapore, meanwhile, the high cost of transport and clothing was noted.

Damascus (Syria) remains the cheapest city in the world – it has 173rd place. Tehran (Iran) and Tripoli (Libya) are also at the bottom of the ranking, occupying 172 and 171 places, respectively.

According to the study, the average cost of living in the world increased by 7.4% this year. Food prices rose the fastest. And while that’s slightly below the 8.1% jump recorded in 2022, the numbers remain well above “historical trends.”

Meanwhile, utility prices, which were the fastest-growing category in 2022, showed the lowest rate of inflation this time around.

Experts note that price growth has started to slow this year as supply chains recover after China lifted restrictions due to Covid-19 in late 2022. At the same time, product prices continue to rise as retailers pass on higher costs to consumers.

At the same time, prices are affected by new armed conflicts and extreme weather conditions.

“Further escalation of the war between Israel and Hamas will lead to higher energy prices, while a stronger-than-expected El Nino effect will lead to even greater increases in food prices,” explained economist Upasana Dutt.

The most expensive cities in the world in 2023

1. Zurich (Switzerland) and Singapore.
3. New York (USA) and Geneva (Switzerland).
5. Hong Kong.
6. Los Angeles (USA).
7. Paris (France).
8. Tel Aviv (Israel) and Copenhagen (Denmark).
10. San Francisco (USA).

Fresh news

Related news