Lagos State has been ranked among the world’s cheapest cities.
Economists Intelligence Worldwide Cost of Living 2023 survey disclosed this in its latest report.
Accordingly, the survey ranked Lagos and Damascus, Syria, among the bottom ten cities with the cheapest living costs.
The report ranked Lagos 165 out of 173, which is Damascus with the lowest living costs.
Conversely, Singapore and Zurich(Switzerland) are the most expensive cities to live in worldwide, according to EIU WCOL 2023.
Also, New York in the United States of America followed Singapore and Zurich as the third most expensive city.
“Singapore kept its position as the world’s most expensive city this year for the ninth time in 11 years. It ranks jointly with Zurich (Switzerland), which is back at the top after three years.
“New York (US), which came joint first last year, moved down to third position, tying with Geneva (Switzerland).
“The world’s cheapest city is still Damascus (Syria).
“Of the ten categories in our price index, utility prices rose slowly over the past year, reflecting the waning impact of Russia’s invasion of Ukraine in 2022. Grocery prices, however, continue to rise strongly”, the report stated.
Meanwhile, according to the National Bureau of Statistics Consumer Price Index data for October 2023, Lagos State, with an All-time inflation rate of 31.23 percent, is among Nigeria’s most expensive places to live.
