- Business Insider Africa presents the top 10 African countries with the highest cost of living
- This list is courtesy of Numbeo, one of the world’s most profound data and research platforms.
- To collect data, Numbeo relies on user inputs and manually collected data from authoritative sources (websites of supermarkets, taxi company websites, governmental institutions, newspaper articles, and others.)
Many individuals and families around the world are deeply concerned about the high cost of living. An issue influences individuals of all pay levels and can fundamentally affect their personal satisfaction. A few variables add to the significant expense of living in a nation, including monetary strategies, expansion, and the expense of fundamental labor and products.
The state of a nation’s economy is one of the primary causes of its high cost of living. Due to the high demand for goods and services, economies with strong economies typically have higher living costs. This is due to the fact that when people have more money to spend, they are willing to pay a higher price for the things they require and desire.
Another factor that contributes to the high cost of living is inflation. Expansion happens when the general cost degree of labor and products increments over the long haul. As a result, the same goods and services that previously cost less are now more expensive to purchase. Increases in the money supply, shifts in government policy, and external factors like disruptions in the global supply chain are all potential causes of inflation.
The significant expense of living can fundamentally affect people and families, especially those on a proper pay or low-pay workers. It can cause financial problems, making it hard to pay bills, save for the future, or even buy things that are necessary. It can likewise restrict training, medical care, and other fundamental assistance valuable open doors.
Numbeo, one of the world’s most advanced data and research platforms, has developed a method for computing data that identifies the nations with the highest cost of living because it is important to know the cost of living within the economy of the country in which a resident is chosen.
This article incorporates the 10 African nations with the greatest expense of living. The general file Numbeo not entirely settled by the accompanying variables, Cost for most everyday items Record (Barring Rent) which is an overall mark of purchaser merchandise costs, including food, eateries, transportation, and utilities, lease list, basic food items file, cafés file, Typical cost for many everyday items In addition to Lease File which is an assessment of shopper products costs including rent, and neighborhood buying power.
Numbeo collects data from authoritative sources, such as supermarket websites, taxi company websites, government websites, newspaper articles, and other surveys, through user input and manual data collection. Two times per year, manually collected data from established sources are entered. On Numbeo’s website, you can find a breakdown of the methodology that is more in-depth.
According to Numbeo, the ten African nations with the highest cost of living in 2023 are listed below:
|Rank||Country||Cost of living index||Local purchasing power|