The cost of living in every corner of the world is growing from year to year. The ranking of the world's cities with the highest cost of living in 2022 was topped by New York and Singapore. Find out more about other cities on the list

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In 2022, according to the Economist Intelligence Unit (EIU), Singapore is once again the most expensive city to live in the world, sharing the top spot with New York. This is the 8th time in 10 years that Singapore has topped the rankings. At the same time, New York took the lead for the first time. Last year's winner Tel Aviv moved up to 3rd place. In total, the study was conducted in 172 cities around the world.

According to the survey, the average cost of goods in the world increased by 8.1% last year. Two key drivers of this growth: quarantine restrictions in China and Russia's invasion of Ukraine.

The research and analytics firm found that gasoline prices rose the most, up 22% on average compared to 2021. In Europe, electricity and gas prices rose the most, by almost 30%.

Due to EU, US and UK sanctions, the cost of living in Russia has also increased, especially in the two largest cities of Moscow and St. Petersburg, by more than 80% on average.

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The cheapest cities are Damascus in Syria, as well as Tripoli in Libya and Tehran in Iran.

When compiling the rating, prices for 200 basic products and services were used for one month - from August 16 to September 16.

Fluctuations in the euro exchange rate contributed to the fact that many European cities were ranked lower than usual. The largest drop was recorded in Stockholm and Luxembourg - now they are located at 99th and 104th places. Luxembourg, which used to regularly rank among the most expensive cities in Europe, was especially fast in its decline.

EIU experts predict that in 2023 the global inflation rate will fall to 6.5%.


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