Lagos ranks as the cheapest city in the world

Lagos State ranks as the least costly city in the world.

This is revealed in the newest report from The Economist Intelligence Global Cost of Living 2023 examine.

Therefore, the examine ranked Lagos and Damascus in Syria in the backside 10 cities with the lowest price of dwelling.

The report ranked Lagos one hundred and sixty fifth out of 173 areas, making it the city with the lowest price of dwelling in Damascus.

Conversely, Singapore and Zurich (Switzerland) are the costliest cities in the world to reside in, in line with EIU WCOL 2023.

New York has additionally turn into the third costliest city in the United States, after Singapore and Zurich.

“Singapore remained the world’s costliest city this 12 months for the ninth time in 11 years, tied with Zurich (Switzerland), which returned to the high spot for the first time in three years.

“New York (USA), which tied for first place final 12 months, has fallen to 3rd place, tied with Geneva (Switzerland).

“The cheapest city in the world remains to be Damascus (Syria).

“Among the 10 categories in our price index, utility prices have risen slowly over the past year, reflecting the fading impact of Russia’s invasion of Ukraine in 2022. However, food prices have risen strongly. continues,” the report says.

Meanwhile, the National Bureau of Statistics’ Consumer Price Index information for October 2023 exhibits Lagos State is one among the costliest locations in Nigeria with an all-time excessive inflation charge of 31.23 per cent.

Source: dailypost.ng