The recent report of the Economist Intelligence Unit (EIU) has placed Lima, the capital of Peru, as the second most expensive city in South America, and among the five most expensive in Latin America. The study titled ‘Global Cost of Living 2023’ compared more than 400 individual prices on more than 200 products and services in 173 cities.
Likewise, the data shows that the increase in prices has an average of 7.4% worldwide, and although European countries are still positioned in the first 20 positions, Latin America It was the region that had an increase in the cost of living.
What are the 5 most expensive cities in Latin America?
According to the EIU, the five most expensive cities in the region are Mexico City (Mexico), Querétaro (Mexico), Montevideo (Uruguay), San José (Costa Rica) and Lima (Peru). This ranking is the result of a combination of factors, including the appreciation of local currencies against the US dollar.
The inclusion of Lima in this list, with a score of 66 out of 100, would not be very surprising, since in a Mercer report, the capital rose 5 places in the ranking of the most expensive cities worldwide.
According to specialists at the Economist Intelligence Unit (EIU), the increase in transport prices reflects a strong recovery in demand as post-pandemic travel returned to normal. Meanwhile, utility prices (household energy and water bills) experienced the slowest inflation (5.7%) of the ten categories of goods and services included in our survey.
How is the cost of living calculated in these cities?
This study included analysis of prices for food, beverages, clothing, household and personal care items, home rentals, transportation, utility bills, private schools, domestic help, and recreational costs. Articles are periodically updated or revised to reflect changes in purchasing habits. Regarding the scoring scale, all cities were compared in relation to the city of NYwhich has the highest price index, with a value of 100.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
