In an unsurprising scenario for those who feel the financial squeeze, a global crisis in the cost of living persists, especially impacting residents of large cities.
As revealed by the World Cost of Living index, recently published by Economist Intelligence Unit (EIU), the average cost of living experienced an increase of 7.4% throughout this year.
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Notably, grocery product prices led the pace of rise. Although they are below the 8.1% jump recorded the previous year, the numbers remain notably higher compared to historical numbers.
However, there is a breath of good news among the worries. Public service prices, which were a category with the fastest growth in last year's survey, revealed lower inflation this time.
This change suggests a dynamic in the inflationary impact, where certain sectors show resilience while others, such as supermarket products, continue to defy expectations.
In this challenging context, urban residents face a new level of financial complexity, navigating high expenses in a world where “historical trends” seem increasingly distant.
The most expensive cities to live in 2023
1. Zurich and Singapore
In the recent ranking of the most expensive cities in the world, Zurich and Singapore took first place as the most expensive.
Zurich's rise to the top, from sixth place the previous year, was attributed to the strength of the Swiss franc, along with high prices for groceries, household items and activity.
2. New York and Geneva
New York, which tied with Singapore in 2022, is now in second place, tied with Geneva, Switzerland.
3. Hong Kong
Hong Kong ranks third.
4. Los Angeles
Soon after is Los Angeles in fourth.
5. Paris
And Paris remains the fifth most expensive city.
6. Tel Aviv and Copenhagen
Tel Aviv, Israel, and Copenhagen, Denmark, join in sixth position, although it is worth mentioning that the survey was carried out before the conflict between Israel and Hamas in October.
7. San Francisco
Finally, San Francisco, one of the three most expensive American cities, is in seventh place.
*With information from CNN
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