Geneva tied in third place with New York, followed by Hong Kong, Los Angeles,Paris, Copenhagen and Tel Aviv.
The survey found that prices have increased an average of7.4% over the past year in 173 major cities, a slight slowdown compared to arecord 8.1% inflation in 2022. The study is based on the price of 200 productsand services.
Upasana Dutt, head of Worldwide Cost of Living at EIU, saidtthe cost-of-living crisis is hardly over and price levels remain much abovehistorical trends. The expert expected inflation to continue to decelerate nextyear, as the lagged impact of interest-rate rises starts affecting economicactivity, and in turn, consumer demand.
The cheapest city in the world is Damascus (Syria), followed by Tehran (Iran)./.