These are the world’s most expensive cities to live in

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New York is no longer the world’s most expensive city to live in — though it still isn’t cheap to live in the Big Apple. Inflation, among other factors, is still taking a big bite out of household budgets worldwide, according to the annual Worldwide Cost of Living Index that’s published by the Economist Intelligence Unit. The report says that price rises are slowing, but not enough.?

TOP 10 LIST

• New York — which tied with the city-state of Singapore for first place last year — slipped to third place. NYC is still the highest US city on the list and the study found prices in New York have increased by 1.9% since last year.?
• Singapore maintains its spot as the world's most expensive city , tying with Zurich, Switzerland. This is the ninth time in 11 years that Singapore has topped the list.
• The rise of Zurich, which jumped from sixth place on last year’s list, was attributed to the strength of the Swiss franc along with the high prices of groceries, household goods and recreation. Singapore’s costly transport and clothing were also noted in the report.
• Hong Kong, the only other Asian destination in the top 10, was fifth, while Los Angeles was at No. 6 and Paris was named the seventh most expensive city.
• Tel Aviv, Israel shares eighth place with Copenhagen, Denmark, although it’s worth noting that survey was conducted before the October outbreak of the Israel-Hamas war.
• San Francisco came in 10th place. While three US cities are in the top 10, most North American cities slid down the rankings compared to last year. The region has the lowest inflation, the EIU survey found.

NOTABLE MENTIONS

• Russian cities Moscow and St. Petersburg saw some of the sharpest drops. The value of the ruble has dropped considerably since Russia’s full-scale invasion of Ukraine in February 2022.
• Chinese cities also tumbled in the rankings: The survey says slow post-pandemic recovery and “subdued consumer demand” were among the factors that led to Chinese cities such as Beijing, which ranked at 34 last year, dropping several places down the list.
• Damascus, Syria, remains the world’s cheapest city of 173 surveyed. Tehran, Iran, and Tripoli, Libya, are also near the bottom.

COST OF LIVING CRISIS?

• The average cost of living rose by 7.4% this year, according to the Worldwide Cost of Living Index, with grocery prices increasing the fastest. Although this is slightly lower than the 8.1% jump the same survey recorded in 2022, the numbers remain significantly higher than pre-pandemic trends.
• Some good news: Utility prices, the fastest rising category in the 2022 survey, showed the least amount of inflation this time around.
• The report notes supply chain issues that drove price increases in the previous years are waning since China lifted its Covid-19 restrictions late last year. The surge in energy prices seen after Russia invaded Ukraine nearly two years ago has also eased.
• However, grocery prices are continuing to rise as retailers pass on higher costs to consumers. The report cites obstacles in shipping grains and other foods out of Ukraine and Russia amid the conflict, as well as extreme weather events affecting crops across the world.
• The report looked at 173 major cities, comparing prices across 200 products and services.?

THE BIGGER PICTURE

• Inflation is expected to continue to decelerate in 2024 as the “lagged impact of interest-rate rises starts affecting economic activity, and in turn, consumer demand,” says Upasana Dutt, the head of EIU’s Worldwide Cost of Living.?
• In the US, the Personal Consumption Expenditures price index – a closely watched inflation gauge – is up 3%, according to data released today. That’s the lowest it’s been since March 2021, and another step toward the Federal Reserve's target of 2% inflation.?
• EIU’s Dutt warns that further escalations of the Israel-Hamas war could drive up energy prices, while a greater than expected impact from the current El Ni?o climate event would push up food prices even further.
• The EIU also releases a “most livable cities” list. While Zurich, Geneva and Copenhagen may be some of the world’s priciest places, they also rank high on health care, education, stability, infrastructure and environment. Check out the other great cities to live in .

???? Read more: While London didn't make the survey's top 10 list, renting in the UK capital is brutal, as CNN's Jemal Polson explains in this opinion piece.

Do you live in one of the world’s most expensive cities? Do you feel the burden of the rising cost of living in your city? Would you consider moving somewhere else? Share your story in the comments.?

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