These are the world’s most expensive cities to live in 2023

Let’s be real and ‘authentic’—Merriam Webster’s word of the year implies that since we’re still feeling the economic pinch from inflation, the crisis is far from over. So if you’re planning to move, you might want to steer clear of the world’s most expensive cities to live in 2023.

According to the Economist Intelligence Unit (EIU), the worldwide average cost of living increased by 7.4 percent this year. Grocery prices were the first to have the fastest rise as retailers passed the costs to consumers.

“We expect inflation to continue to decelerate in 2024, as the lagged impact of interest-rate rises starts affecting economic activity, and in turn, consumer demand,” said Upasana Dutt, the head of worldwide cost of living at EIU.

NEW: Singapore and Zurich have toppled New York as the world’s most expensive cities to live in.

See who else made it to the list ⬇️ https://t.co/SAMVfFy1sn

— Bloomberg (@business) November 30, 2023

Top 10 most expensive cities to live in 2023

Considering that inflation may not go away anytime soon, keeping The Economist’s most expensive cities in 2023 list in mind can help you avoid further cost-of-living dilemmas.

(Same numbers are tied in the same ranking)

1. Singapore

1. Zurich

3. New York

3. Geneva

5. Hong Kong

6. Los Angeles

7. Paris

8. Tel Aviv

8. Copenhagen

10. San Francisco

You may also like: New Study Crowns New York as the Top City in America for 2023

Unexpected movers on the list

Shimmying its way to the fifth spot is Hong Kong with the country’s rising urban costs. Meanwhile, St. Petersburg and Moscow in Russia had the steepest drops in the rankings—with St.Petersburg dropping 74 places to 147th and Moscow falling 105 places to 142nd. The significant drop is evident since Russia’s invasion of Ukraine in 2022.

On the other side of the list are Damascus in Syria claiming the top spot as the world’s cheapest cities. Furthermore, the 2023 Worldwide Cost of Living survey also shows US cities have higher domestic help, utility, and tobacco prices, while Asian cities show higher costs in groceries and alcohol. Meanwhile, Europe clocks in the highest prices when it comes to transport, recreation, and household goods.

The survey covered 173 major cities, looking into 400 prices across 200 products and services but Caracas in Venezuela is excluded where prices have soared 450 percent since 2022.