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List of the Most Expensive and Cheapest Cities in the World

Translator

Tempo.co

10 June 2024 20:28 WIB

TEMPO.CO, Jakarta - End of year holidays are often used to travel abroad. But before making plans, first find out the list of the most expensive and cheapest cities in the world to prepare your budget.

According to the Worldwide Cost of Living (WCOL) survey released on Thursday, November 30, 2023, the most expensive cities in the world are:

1. Singapore,

This city in Southeast Asia occupies the top position along with Zurich, Switzerland.

2. New York,

The city that last year was in the top position with Singapore, is now down in second place with Geneva.

3. Hong Kong;

4. Los Angeles;

5. Paris;

6. Tel Aviv and Copenhagen (both tied for sixth place);

7. and San Francisco

Of the 173 cities surveyed, the seven cities mentioned above are the most expensive in the world.

So, if you want to go on holiday to Singapore or the mentioned cities above, prepare a larger budget because the prices of food, accommodation and other necessities are quite high.

As for the cheapest cities in the world, here is the list:

1. Syria's capital, Damascus, is in the top position;

2. followed by the capital of Iran, Tehran;

3. Tripoli in Libya;

4. Karachi, Pakistan;

5. Tashkent, Uzbekistan;

6. Tunis, Tunisia;

7. Lusaka, Zambia;

8. Ahmedabad, India;

9. Lagos, Nigeria, and Buenos Aires, Argentina (both tied for ninth place)

The ranking, updated twice a year by the Economist Intelligence Unit (EIU), was compiled by analyzing the prices of 200 products in 173 cities, including food, clothing, petrol and electricity bills.

Rising Cost of Living

The report concludes that the global cost of living crisis is still ongoing, with prices of everyday goods and services increasing by an average of 7.4 percent year on year.

However, household energy and water costs were the least impacted by inflation worldwide (among the ten categories surveyed), according to the report. This suggests that the spike in energy prices caused by Russia's invasion of Ukraine is starting to subside.

"However, food prices continue to rise sharply," according to the report. "Many manufacturers and retailers pass on higher costs to consumers."

Prices are also impacted by the increasing frequency of extreme weather events, which impact supply chains.

In the US, most of the 22 cities covered in the survey were not ranked among the most expensive cities in the world. New York ranked third, the report said, partly because of rising prices for eggs, beef and recreational activities. Prices of other goods such as petrol and clothing remained under control in the city.

DAILY MAIL | REUTERS

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