The Economist Intelligence Group, which is affiliated with UK magazine The Economist, released its annual list of cities with the highest cost of living in early December. At the top are New York and Singapore, which has held the top spot for eight years. The cheapest cities among the 172 analyzed cities are Damascus (Syria) and Tripoli (Libya). Moscow and St. Petersburg, Russia made the biggest jumps in the rankings as a result of the invasion of Ukraine.
The city with the highest rate of inflation is Caracas, Venezuela, where prices have risen by 132% since last year. Caracas was excluded from the Economist Intelligence calculations because its inflation rate is so high that it causes a general ledger imbalance. Other cities notable for their high inflation rates are Istanbul (Turkey), Buenos Aires (Argentina) and Tehran (Iran).
These are the 11 most expensive cities in the world, according to the Economist Intelligence survey: