European cities occupied just five of the top 20 costliest spots in 2022, compared with ten in 2021. Explore TheEIU’s latest rankings
in Europe would agree that the continent suffered through a cost-of-living crisis in 2022. Consumer prices rose by roughly 8% year over year. Energy prices surged by 29%. And yet, according to the latest, our sister company, western Europe has generally become less expensive relative to its peers in the past year .
The survey, which compares the prices of more than 200 products and services in 172 cities, is designed to help companies estimate cost-of-living adjustments for expatriates. To help compare the cost of living in different currencies, all prices are converted into dollars. But the greenback has surged in value this year, owing to aggressive interest-rate increases by the Federal Reserve, market turmoil and fears of a recession. This has dragged down relative costs by 5.
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