July 1, 2022
It’s a prevalent misconception that life in Italy is often inexpensive and happy, which is sometimes cited as the reason for the country’s relatively low wages.
However, Italy was the 26th most expensive country in the world in terms of living costs last year, surpassing both the US and the UK.
However, there is good news for those who reside in or visit Italy this year: according to Numbeo’s Cost of Living Index for 2022, Italy has decreased in rank from 32nd to 32nd overall, behind the US and the UK.
It is listed as being less expensive than Switzerland, which was ranked second most expensive in the world for the second year in a row, France (19th), the UK (26th), and the United States (27th). Bermuda came in first place once more.
The notoriously costly city of New York City served as the standard for the survey’s compilation. An index score of 100 was assigned to New York. Therefore, a country with a score above 100 is more expensive than New York, and a number below 100 indicates that it is less expensive.
Total score for Italy was 66.47. While it is still more expensive than the UK, it has become cheaper for groceries, falling four positions on the worldwide scale and now being about 12 percentage points less expensive than the US.
While energy prices increased in January, impacting food expenses and other costs as a result, the same thing also occurred in many other nations.
Italy is ranked 34th for a grocery store, whereas the UK is ranked 36th. But it is more affordable than the US (ranked 19th), Canada (20th), and Australia (9th).
France (16th), Denmark (22nd), and Austria have the highest prices for your weekly shopping when compared to their neighbors in Europe (26th). However, Italy is more expensive than Spain (54th) and Germany (41st) for groceries to fill your refrigerator.
According to a calculation where the cost of food equals 33 percent of a daily wage, Italy is the 15th most expensive country in the world.
Source: The Local Italy
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