Cost of living has been a major concern for many people worldwide due to rising inflation and higher pricing for consumer items. Let’s take a look at the comparisons in the cost of living around various parts of the world.
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From city to city, the amount of money required to cover daily costs like rent and food varies substantially. Additionally, some cities, such as New York City, are renowned for having particularly high housing costs.
In light of this, how expensive are daily expenses in New York City in comparison to locales like Bangalore, India, or Beirut, Lebanon?
This chart by Victor Dépré (hypntic.data) compares the cost of living and purchasing power in 578 various places throughout the globe utilizing statistics from 2022 from Numbeo, using New York City as a baseline for comparison.
The Cost of Living Index
Although New York City is renowned for being one of the most expensive cities in the world, as Carmen Ang of Visual Capitalist explains below, there seem to be a number of cities that are significantly more expensive than the Big Apple, according to Numbeo, the world’s largest registry of user-contributed information on cities and countries.
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Here is a comparison of the cost of living amongst 578 cities. To put things in perspective, if a city has a cost of living index of 121, that indicates that, on average, its daily costs are 21 percent greater than those in New York:
The cost of living in Hamilton, the capital of Bermuda, is the highest on the list, surpassing New York’s by about 50%.
Why does Hamilton cost so much? Prices in the territory are probably high as a result of the fact that almost everything—including clothes, groceries, and gas—must be imported onto the small British archipelago.
The second-highest cost city after New York City is Zurich, Switzerland, where costs are nearly 30% higher. The statistics shows that the cost of food and drink is particularly high in the area, with restaurant pricing being 55 percent higher and grocery being 58 percent more expensive than in New York City.
Although Zurich has a high cost of living index, it is important to remember that the city also has a high purchasing power, which we shall explore in more detail in the following section.
The Local Purchasing Power Index
The quantity of goods and services that a person with an average salary may purchase in a given city is measured using the concept of purchasing power.
Returning to Zurich, despite having higher costs, customers there have around 30% more purchasing power than inhabitants of New York City have generally.
In comparison, Hamilton, Bermuda’s typical customer has a comparatively low level of purchasing power. Consumers can afford around 30% less than those in New York City, based on the city’s average net pay.
Inflation Continues to Drive Prices Up
Cost of living has been a major concern for many people worldwide due to rising inflation and higher pricing for consumer items.
The COVID-19 pandemic, along with supply chain concerns, the Russia-Ukraine conflict, and pent-up demand as a result, have all contributed to the global cost of living crisis that has been going on since late 2021.
But according to UBS Chief Economist Paul Donovan, we have probably already seen the worst of it, and in the second half of the year, inflation will probably start to decline globally.