Consulting Firm 'Mercer' Survey Results
"Prices of Everyday Items Like Sesame Oil, Flour, and Tofu Rising Sharply"
On the 28th during lunchtime, students are eating cupbap in the Noryangjin Cupbap Street in Seoul. Due to soaring prices, the cost of ingredients has increased, leading to a rise in the price of cupbap in Noryangjin, Seoul. [Image source=Yonhap News]
[Asia Economy Reporter Kim Jung-wan] Seoul has been ranked as the 14th most expensive city in the world in terms of cost of living. The most expensive city globally was Hong Kong, followed by Zurich and Geneva in Switzerland at 2nd and 3rd place respectively.
According to Mercer, a global consulting firm, the 'Worldwide Cost of Living Survey' conducted in March this year ranked Seoul 14th in the city price rankings.
Mercer stated, "Prices for items surveyed in Seoul generally increased, especially for everyday essentials such as sesame oil, flour, and tofu, which saw sharp price rises." However, due to the depreciation of the Korean won amid global political and economic volatility and higher inflation rates in other countries and cities, Seoul's ranking dropped by three places compared to 2021.
This year, the most expensive city in the world was Hong Kong, which rose from 2nd place last year back to 1st. The 2nd to 5th places were all Swiss cities: Zurich (2nd), Geneva (3rd), Basel (4th), and Bern (5th). Tel Aviv in Israel and New York in the United States ranked 6th and 7th respectively. New York rose seven places from last year to 7th due to increases in gasoline, natural gas, and grain prices, as well as major currency exchange rate effects, becoming the most expensive city to live in the U.S.
Among the top 10 most expensive cities worldwide, four Asian cities were included: Hong Kong, Singapore (8th), Tokyo (9th), and Beijing (10th). London, which recorded its highest inflation rate in 40 years, ranked 15th in this cost of living survey, while Mumbai, the most expensive city in India, dropped 49 places to 127th due to exchange rate effects compared to 2021.
On the other hand, Ankara, Turkey experienced a surge in prices, but due to more than 90% exchange rate fluctuations, it was ranked as the cheapest city for cost of living among 227 cities surveyed.
This survey compared and measured prices of over 200 items including housing, transportation, food, clothing, daily necessities, and leisure costs across more than 400 cities worldwide, providing cost of living results for expatriates. Rankings were published up to 227th place.
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