Here are the most expensive cities to live in in 2023. It’s not just Europe that’s at the forefront
An annual list of the most expensive places to live has been published. In 2023, cities that are at the forefront are not surprising. See what was at the top of the list.
A report prepared annually by the Economist Intelligence Unit (EIU) has been published online. It shows places with the highest cost of living rates. Simply put, these are the cities where residents pay the most to live. Which cities were in the top ten?
The prices of living in 2023 have increased significantly
According to the Economist Intelligence Unit, the average cost of living has increased by 7.4% this year. Food prices were growing the fastest. Although this is slightly less than the 8.1% increase. in the same study in 2022, these numbers remain significantly higher than “historical trends”. But there is also one good news. Utility prices, which recorded the highest increase in the 2022 study, are affected by the least inflation this year.
The pace of price increases is slowing down due to solving problems such as the product supply chain – since China lifted restrictions related to Covid-19 at the end of 2022, the situation has stabilized. However, grocery prices continue to rise as retailers pass on higher costs to consumers.
The rising cost of living inevitably means that life in many cities has become more expensive. In some cases, definitely more so.
The most expensive cities to live in in 2023
Zurich in Switzerland and the city-state of Singapore are number one in the ranking of the most expensive cities to live in 2023. The former’s rise, up from sixth place last year, was attributed to the strength of the Swiss franc and high prices for groceries, household products and recreation.
Third place is taken by New York, where, according to the study, prices increased by 1.9%, and Geneva, Switzerland. In fifth place was another Asian destination, Hong Kong.
What do the ten most expensive cities to live in in 2023 look like?
1. Zurich and Singapore
3. New York and Geneva
5. Hong Kong
6. Los Angeles
7. Paris
8. Tel Aviv and Copenhagen
10. San Francisco
What about the cheapest destinations? It turns out that Damascus in Syria still “reigns” here, followed by Tehran in Iran and Tripoli in Libya.
