Hong Kong fell one position in the 2023 Worldwide Cost of Living Index rankings to become the fifth most expensive city in the world this year. It is only the second Asian city in the Top 10 after Singapore, which tied for the No. 1 spot with Zurich.
This year’s survey covered 173 major cities, comparing more than 400 individual prices across 200 products and services. It was conducted between August 14 and September 11, 2023 and found that, on average, prices had risen by 7.4% year-on-year in local currency terms for the goods and services surveyed.
| RANK | CITY |
| 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 |
According to the survey, “Chinese cities have fallen in the rankings, with four cities — Nanjing, Wuxi, Beijing, and Dalian — on our list of biggest movers down, amid slow economic recovery after the pandemic, subdued consumer demand, and depreciation of the currency.”
Last year, prices rose by a record 8.1% and utility prices (household energy and water bills) was the fastest-rising category. However, according to the index, the moderation of their prices this year, “suggests an easing of the energy price shocks caused by Russia’s invasion of Ukraine.”
On the other hand, groceries saw the fastest pace of price growth as the study found that, “many manufacturers and retailers have passed on higher costs to consumers and the increasing frequency of extreme weather events continues to keep supply-side risks elevated.”
Earlier this month, Tsim Sha Tsui was declared the third-most pricey retail venue in the world, with retail spaces in the area priced at US$1,493 (approximately HK$11,640) per square foot. However, the shopping hub also dropped one place in the study’s global rankings from last year.
Header image credits: Asia-Pacific Images Studio via Canva
Add comment