Here are the most expensive and cheapest cities in the world.

The most expensive cities in the world to live in have been announced. Zurich and Singapore were the most expensive cities in 2023, while London ranked ninth. Damascus, the capital of Syria, was the cheapest city.

The ranking, which is updated twice a year by the Research Unit (EIU) of The Economist magazine, was prepared by analyzing the prices of 200 products, including food, clothing, gasoline and electricity bills, in 173 cities.

New York, which shared the top spot with Singapore last year, was joint second with Geneva in the 2023 World Cost of Living (WCOL) survey.

Hong Kong took third place on the podium, followed by Los Angeles in fourth place and Paris in fifth place. Tel Aviv and Copenhagen took sixth place and San Francisco seventh.

CHEAPEST CITIES

At the other end of the scale, Damascus, the capital of Syria, was declared the cheapest city, while Tehran, the capital of Iran, was the second cheapest city.

After Damascus and Tehran, the cheapest cities were Tripoli, capital of Libya, Karachi (Pakistan), Tashkent (Uzbekistan), Tunis (Tunisia), Lusaka (Zambia) and Ahmedabad (India).

The report concluded that the global cost of living crisis is still ongoing, with daily prices of goods and services rising at an average annual rate of 7.4 percent.

According to the report, household energy and water bill costs (among ten categories surveyed) are among the least affected by inflation globally. This indicated that the increase in energy prices due to the war between Russia and Ukraine had subsided.

The report also states: “Food prices continue to rise sharply. Because many manufacturers and retailers pass on high costs to consumers.” It was also stated that prices were also affected by the “increasing frequency of extreme weather events” affecting the supply chain.