Here’s What It Costs To Live Around The World In 2017
You'll be surprised which country has the highest cost of living this year.
The infographic you can see below is probably one of the longest, most information-packed infographics you’ve ever seen, and for good reason. The information displayed is quite fascinating. MoveHub has created this impressive visual that looks like a work of art, displaying the cost of living and how it varies around the world this year.
To ensure the data was correct, MoveHub used current figures from the Consumer Price Index (CPI), which is known to be the world’s largest database of contributed data about cities and countries around the world.
The conclusions are really interesting, too. Currently, The most expensive place to live is Bermuda. Following closely behind are Switzerland, Hong Kong and Iceland.
If you’re thinking about packing your bags and moving somewhere less expensive, then you might want to head to Egypt, which is now deemed the country with the lowest cost of living in 2017. India, Pakistan and Nepal are also some of the most inexpensive places to live right now.
In order to determine the average cost of living from all different parts of the the word, the Consumer Price Index looks at the prices of everything from transportation to rent and the cost of utilities, then breaks each category down for even further analysis.
For example, the cost of groceries is comprised of the average cost of things such as bread, rice, meat, eggs, fruit and vegetables. Alcohol also played a factor in the average cost of groceries.
The cost of transportation is factored by analyzing the cost of one-way tickets, monthly passes, taxi fares and petrol prices.
Restaurant costs take the averages from prices for meals in restaurants that range from inexpensive to most expensive. Also factored in are prices for coffee products and alcohol.
The utility costs were determined by the cost of water, internet, heating and cooling, plus electricity.
MoveHub states that the Consumer Price Index in the infographic is a relative indicator of a country’s living costs compared to the cost of living in New York City. They give this example: If a country has a CPI of 70, on average the cost of living in that country is 30% less than the cost of living in New York City.