Sydney named among world's most expensive cities

Sydney is one of the world’s most expensive cities to live in, according to a new report. (Source: Getty)

Sydney is one of the most expensive cities to live in, a new report has found, as the cost of living rises across the world’s biggest cities.

New York and Singapore jointly topped the Economist Intelligence Unit’s annual Worldwide Cost of Living list, while last year’s leader - Tel Aviv - dropped to third place.

The Russian cities of Moscow and St Petersburg shot up in rankings, moving up by 88 and 70 places respectively. Local prices increased due to sanctions following Russia’s invasion of Ukraine, the report found. Inflation in Moscow is now 17.1 per cent year on year, while St Petersburg has reached 19.4 per cent.

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The cheapest cities were Damascus (Syria), Tripoli (Libya) and Tehran (Iran), due to the countries’ weak economies and currencies.

Across the world’s biggest cities, prices have risen by an average of 8.1 per cent, in local-currency terms. This represented the fastest increase in at least 20 years, the report said.

Petrol prices have had the most rapid increases, as well as utility and food prices. Globally, prices for gas and electricity have increased 11 per cent, on average.

The highest inflation rate was seen in Caracas in Venezuela, according to the survey, where prices rose by 132 per cent since last year.

In Australia, the latest inflation figures indicated the cost of living had slowed slightly. The Consumer Price Index rose 6.9 per cent for the year ending in October, a drop from 7.3 per cent for September.

The 11 most expensive cities

Here are the most expensive cities to live, along with their ranking out of 100:

1. Singapore - 100

2. New York - 100

3. Tel Aviv - 99

4. Hong Kong - 98

5. Los Angeles - 98

6. Zurich - 94

7. Geneva - 91

8. San Francisco - 85

9. Paris - 84

10. Copenhagen - 83

11. Sydney - 83

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