"Our Cost of Living rankings are affected by two factors: prices and exchange rates. "These developments across Europe highlight the dynamics influencing the cost of living in different regions," Kilfedder added. France is one of the exceptions as all surveyed French cities have seen marginally lower inflation than many other cities using the euro. Within the Eurozone, nearly two-thirds of locations (61%) have risen in rank, including Dublin which has risen six places to 38th position due to high inflation. Similarly in Sweden, Stockholm and Gothenburg fell 10 and nine places and rank 46th and 86th in the world. While in Norway, both Oslo and Stavanger fell nine and 14 places respectively to 28th and 40th positions. Zurich, Switzerland, has risen one place globally, becoming the sixth most expensive city in the world. The top five is dominated by Switzerland, with Geneva retaining its position as the most expensive city for expatriates, followed by London, Zurich, Bern, and Copenhagen. More than half (54%) of European cities have moved up in the Cost of Living ranking, driven by high rates of inflation. By comparison food prices rose around 10% in the US and France and 13% in Germany. There were rises across the basket of goods, but particularly large ones included ketchup (up 45%), cooking oil (up 80%) and eggs (up 36%). In the UK, food prices rose faster than the global average, up almost 20%. ECA’s accommodation data is also factored in, comparing rental costs in areas typically inhabited by expatriate staff in over 430 locations worldwide.Īccording to its latest report, food prices globally have risen by around 15% on average in the last year, more than twice the rate of last year. The surveys compare a basket of like-for-like consumer goods and services commonly purchased by assignees in over 500 locations worldwide, such as coffee, sugar and eggs.
It carries out two main surveys per year to help companies assess living costs around the world as part of salary calculations for cross-border moves. This can largely be attributed to the weakness of the pound, which has made the country cheaper for people coming to the UK from other countries.”ĮCA International has researched the cost of living globally for 50 years. Despite these challenges, all UK cities bar London have experienced a decline in the global ranking. Steven Kilfedder, Head of Production at ECA International, said: “The cost of living crisis in the UK persists, with rising costs driven primarily by food, utilities, and housing prices. London has retained its title as the fourth most expensive location in the world for expatriates*, according to ECA International’s latest Cost of Living report, while New York overtakes Hong Kong to claim the top spot.Įlsewhere in the UK, Birmingham (115th), Cardiff (118th) and Belfast (123rd) have fallen outside the top 100 most expensive cities in the world, with Birmingham falling 16 places, just one place above St Petersburg, Russia. Inflation is high around the world driven by rapidly rising food prices.Russians fleeing possible mobilisation trigger surge in rental prices in cities like Dubai, Yerevan, Nicosia and Tbilisi.Bar London, all UK cities dropped global ranking despite ongoing cost of living crisis felt locally.Two-thirds of Eurozone cities have risen in the Cost of Living ranking, with French and Scandinavian cities immune from upward trend.Geneva remains the most expensive location in Europe and the third most expensive in the world for expatriates.Following a four-year reign, Hong Kong (2nd) loses the top spot to New York.
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