Overall global energy costs have gone up by 11%, the EIU says.Īt the other end of the scale the cheapest cities were Tehran (where local currency prices were used instead of the official exchange rate against the US dollar), Tripoli and Damascus.

The war in Ukraine has driven up energy prices by an eye-watering 29% in Europe as it ends its dependence on Russian gas. Moscow’s inflation rate hit 17.1% while St Petersburg’s was 19.4%.

But the survey shows the impact of the war on Russia as Moscow and St Petersburg climbed the rankings by 88 and 70 places respectively as a result of sanctions. Kyiv in Ukraine was too unsafe to be surveyed in 2022 following Russia’s invasion of the country. The overall global city inflation rate of 8.1% was the highest recorded by the survey since it began tracking prices of over 200 goods and services 20 years ago. In Istanbul, prices rose by 86%, while in Buenos Aires inflation was running at 64% and 57% in Tehran. New York and Singapore have topped the list of the most expensive cities in the world in 2022, as global prices soar by more than 8%, making the cost of living in the world’s leading cities even less affordable for ordinary people.Īlthough the two cities are officially the most expensive places in the world to live, Caracas, Venezuela had the highest inflation rate of any city in 2022 at 132%, according to the Worldwide Cost of Living 2022 report from the Economist Intelligence Unit (EIU). But the global average masks eye-watering inflation in the hardest-hit places.Prices in global cities are over 8% higher than in 2021, the sharpest rise for 20 years.New York and Singapore have been named the most expensive cities in the world in 2022 by the Economist Intelligence Unit.This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.Īuthor: Douglas Broom, Senior Writer, Formative Content

Global city price ranking