Ranking of world cities with the highest and lowest cost of living in 2022
The Economist Intelligence Unit has ranked the world’s cities with the highest cost of living in 2022. The experts analyzed the cost of living in 172 cities around the world, comparing individual prices for more than 200 food and services.
The ranking of world cities by cost of living for 2022 is published twice a year (at the beginning and towards the end of the year). The data takes into account the prices of food, personal care products, utilities, public transport, taxis, clothing, including vacation and private school expenses. To compile the current prices in each country, experts interview representatives of stores and service providers.
Singapore is the city-state with the highest cost of living in 2022. Swiss Zurich has become the most expensive city on the European continent. Three US cities are in the top ten at once. This applies to New York, Los Angeles and San Francisco. In the cities listed above, living expenses are quite high, especially when it comes to apartment rental prices.
TOP 10 most expensive cities in the world in 2022
|2||New York, USA|
|3||Tel Aviv, Israel|
|4||Hong Kong, China|
|5||Los Angeles, USA|
|8||San Francisco, USA|
TOP 10 cheapest cities in the world in 2022
|1||Colombo, Sri Lanka|
According to the study, prices for services and products in the world’s largest cities increased by an average of 8.1%. Rising inflation is observed even in the most prosperous countries. The growth rate of world inflation has become a record for the last 20 years. The rise in the cost of living is caused by the conflict in Ukraine, the consequences of the coronavirus and severe coronavirus restrictions in China.