Several organizations have analyzed statistics to determine which countries are the most affordable to live in. GoBankingRates is one of these companies, and it utilizes four measures to decide which countries are the most economical.
The rent index, local purchasing power index, consumer price index, and groceries index are among the measures used, and the data is compared to the cost of living in New York City.
According to the newest study from the US Department of Agriculture, global food supplies are predicted to expand in 2021-22, as are daily commodity prices, due to strong demand and supply shortages.
In contrast, the United Nations Food and Agriculture Organization (FAO) predicted that global food costs would grow every month in a comparable study.
According to FAO, due to harvest delays and fears about reduced crop yields in Brazil, the world’s largest sugar exporter, the sugar index rose 6.8% month over month.
As the world was still reeling from the effects of Covid 19, the FAO found similar monthly growing trends in the pricing of practically all key consumable goods.
The costliest countries to live in, according to GoBankingRatesCompany, are the Cayman Islands (141.64), Bermuda (138.22), Switzerland (122.67), and Norway (104.49).
The cost of living in all four of these countries is higher than in New York City.
The cost of living is the amount of money required to maintain a specific degree of comfort in a certain place, including housing, groceries, and healthcare.
Some countries have extremely high living costs, particularly in large cities, such as the United States, where cities like New York and San Francisco have extremely high living costs.
On the other hand, other countries have extremely low living costs, and many individuals are packing their stuff to go to these countries.