The Economist Intelligence Unit (EIU) released its Global Cost of Living Survey this year (2023), which shows that Hong Kong ranks fifth in the global city cost of living, down from fourth last year. As a reference, Hong Kong ranked second in 2019, third in 2020, and fifth in 2021.
According to data from EIU, despite the decline in inflation, the global cost of living crisis is not over yet. This year’s survey found that the prices of more than 200 commonly used goods and services increased by an average of 7.4 percent year-on-year in local currency terms. The increase has eased from last year’s record 8.1 percent but is still significantly higher than the increase from 2017 to 2021.
