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Graphic detail | What’s the cozzie livs?

These are the world’s most

expensive cities
EIU’s cost-of-living index shows where prices are highest

Nov 29th 2023 Save Share Give

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T he global cost-of-living crisis that began in 2022 is now so much part of

daily life that it is entering the vernacular. “Cozzie livs”, British slang for the
crisis, was recently named Australia’s word of the year by the Macquarie
Dictionary. The latest Worldwide Cost of Living survey by eiu, our sister
company, confirms that inflation remains high worldwide: the prices of 200
products and services that it tracks rose by an average of 7.4% over the past year.
This is down slightly from 8.1% in 2022, but remains well above the average of
2.9% over the previous five years. Our map and chart below reveal which cities
are the most expensive.

Cost-of-living index, September 2023 Index value

New York=100

Paris 91

Copenhagen 89 Tashkent 31
Vancouver 76
Zurich 104
Dhaka 5
Damascus 13
Geneva 100
San Francisco 86
New York 100
Tunis 32 Tehran 20
Los Angeles 97
Algiers 41 Tripoli 23
Tel Aviv 89
Lagos 35 Chennai 3
Karachi 28
Ahmedabad 34

Lusaka 33

Montevideo 68

Buenos Aires 37
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1/8/24, 12:05 PM These are the world’s most expensive cities

Most expensive Least expensive

1= Zurich 104 173 Damascus 13

1= Singapore 104 172 Tehran 20

3= Geneva 100 171 Tripoli 23

3= New York 100 170 Karachi 28

5 Hong Kong 98 169 Tashkent 31

6 Los Angeles 97 168 Tunis 32

7 Paris 91 167 Lusaka 33

8= Tel Aviv 89 166 Ahmedabad 34

8= Copenhagen 89 165 Lagos 35

10 San Francisco 86 163= Buenos Aires 37

163= Chennai 37

Tied in first place this year were Singapore and Zurich. Singapore is no stranger
to the top spot: it has ranked as the priciest place to live in nine of the past 11
years. Groceries, alcohol and clothing in the international business hub can cost
a small fortune. The cost of a certificate needed to own a car (which the
government wants to discourage) recently topped $106,000. Zurich, meanwhile,
jumped five places from last year. Switzerland’s largest city is perennially pricey;
it came joint first in 2020 and rarely leaves the top ten. Its rise to the top of the
index is mostly because the Swiss franc has appreciated by more than 10%
against the dollar over the past year. (The survey’s benchmark city is New York,
so if a country’s currency strengthens its cities will generally move up the
ranking.)

Western European cities, including Copenhagen, Dublin and Vienna, take

around half of the top 20 spots. Rising prices are one reason. Another is that the
European Central Bank raised interest rates six times in 2023 to tame inflation,
which caused the euro to appreciate by 7% against the dollar. North American
cities dropped in the ranking this year: New York, last year’s joint most-
expensive city with Singapore, fell to third place.

Cost of living index September 2023 0 20 40 60 80

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1/8/24, 12:05 PM These are the world’s most expensive cities
Cost-of-living index, September 2023 0 20 40 60 80
New York=100

0 10 20 30 40 50 60 70 80

Western Europe
Lisbon London

Eastern Europe
Tashkent Moscow Prague

North America
Toronto
Houston

Middle East & Africa

Damascus Lagos Nairobi Dubai Te

Asia & Australasia

Karachi New Delhi Beijing

Latin America & the Caribbean

Buenos Aires Caracas

The three biggest climbers were Santiago de Querétaro and Aguascalientes in

Mexico, and Costa Rica’s capital, San José. Beijing was one of four Chinese cities
among the ten biggest decliners in the ranking. That reflects the depreciation of
the renminbi and the faltering of China’s recovery from the pandemic. Moscow
and St Petersburg fell furthest, plummeting by 105 places to 142nd and by 74
places to 147th, respectively. The rouble collapsed against the dollar because of
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Western sanctions on Russian oil and high levels of military spending.

In last year’s report eiu predicted correctly that energy prices and supply-chain
problems would ease in 2023. This year’s ends on a more pessimistic note.
Interest rates are unlikely to come down soon, which will constrain economic
growth; energy prices could rise again if the Israel-Hamas war spreads across the
Middle East; and El Niño—which began in June and will last well into next year
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1/8/24, 12:05 PM g y
These are the world’s most expensive cities

—could yet push up food prices. “Cozzie livs” will remain popular into 2024.7

Read more on the world’s most expensive cities:

Asia’s most expensive cities, ranked

These are the most expensive cities in North America
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