However, the ECA’s list leans heavily toward big cities in Asia, as Seoul, Shanghai and other East Asian urban centers all landed in the top 10. Its list, published in June, awarded Hong Kong the title of most expensive city for the third year straight and New York in second. The ECA list uses slightly different methodology, looking at everyday expenses like rent and the cost of public transit and does not include luxury products in its calculations. They survey a range of businesses, both high and low end, to get a sense of how much prices have fluctuated over the past year.Īnother company, the global mobility firm ECA International, publishes its own rankings of the world’s priciest cities every year. In order to create the list, the EIU compares more than 400 individual prices across more than 200 products and services in 172 cities. Get ready for the most expensive holiday travel season ever Three other cities in Europe – Stockholm, Lyon and Luxembourg – also declined on the list. In addition to gas costs, one factor cited by the EIU was the uneven value of the Euro, which is used by some but not all of the European cities on this year’s list – the UK is on the pound, and Switzerland has the franc. Petersburg both saw significant hikes in cost of living expenses, while Ukraine capital Kyiv was not analyzed this year. Unsurprisingly, Russian cities Moscow and St. The cost of one liter of gasoline has gone up a whopping 22% compared to this period last year. The most significant cause of price upticks in western Europe was increasing gas prices, the result of the ongoing Russian war in Ukraine and the region trying to find alternate sources of gas. There were four European cities in the top 10 – Zurich (sixth place) was the highest, with Paris, Copenhagen and fellow Swiss city Geneva rounding out the rest. The British capital fell significantly down the list this year, landing in 27th place. The EIU, which tracks everyday expenses in 172 cities around the world, is based in London. So, in an expensive year, what are the most expensive cities to live in?Ĭopenhagen fell from 8th to 10th place in 2022. The rise in petrol prices in cities was particularly strong (as it was last year), but food, utilities and household goods are all getting more expensive for city-dwellers.” She added: “We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data. “The war in Ukraine, Western sanctions on Russia and China’s zero-Covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world,” Upasana Dutt, head of worldwide cost of living at EIU, said in a media statement. According to this year’s Worldwide Cost of Living Index, released by the Economist Intelligence Unit (EIU), the average cost of living is up 8.1% in 2022, owing to the Russian war in Ukraine and the lingering effects of the pandemic. It seems like every month when household bills come due, we grumble about how the cost of living has gone up again.īut it’s not just anecdotal.
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