New Data Shows 15 Africa’s Most Expensive Cities to Live in in 2022
- African countries are impacted heavily by the downturn in the ongoing war in Ukraine which has sent the price of commodities soaring
- The current high cost of energy and food has started to pile pressure on income and earnings of people in some cities in Africa
- According to a recent data, some cities in Africa are very expensive to live in 2022 compared to others
As the prices of consumer goods and energy prices surge across Africa and the world, the impact on people’s finances and purchasing powers continue to be depleted.
The cost of living index examines the cost of living in a city in comparison to others. It also looks at the price of consumer goods, rent, and cost of healthcare, among others.
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What a cost of living index is
According to Wikipedia, the cost of living index is a price index that measures the cost of living over time or regions.
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It is an index that measures disparities in the price of goods and services and permits substitutions with other items as prices vary. It is also tied to earnings and wages.
According to Investopedia, the costs of consumer goods and services differ between different urban and suburban residential areas. A person's salary might provide a high standard of living in a small city compared to a sprawling one.
Business Insider reports that as the war in Ukraine rages and supply chain crisis and poor macroeconomic conditions impact negatively on most African economies, it showing an uptick in the cost of living index across Africa.
The most expensive cities to live in are listed below
- Dakar, Senegal: 50.87.
- Addis Ababa, Ethiopia: 50.49.
- Abidjan, Ivory Coast: 47.06.
- Harare, Zimbabwe: 45.69.
- Johannesburg, South Africa: 44.87.
- Pretoria, South Africa: 42.76.
- Gaborone, Botswana: 42.7.
- Cape Town, South Africa: 40.98.
- Durban, South Africa: 40.33.
- Marrakech, Morocco: 39.94.
- Accra, Ghana: 38.74.
- Lagos, Nigeria: 37.33.
- Tangier, Morocco: 36.85.
- Casablanca, Morocco: 36.59.
- Kampala, Uganda: 35.98.
20 Countries in Africa Where Imports are Cheap Due to Low Tariffs
Recall that Legit.ng reported that One of the ways to stabilise a country’s local currency and stem inflation is to increase exports and reduce tariffs on imported products. Nearly every African country has some type of trade control in order to protect their local industries and markets.
These could range from local content requirements to quotas on imports and exports, subsidies and import tariffs.
Business Insider report stated that despite the trade barriers, import tariffs seem to be the most popularly used. Less developed and developing markets around the world, most of which are in Africa, seem to have some of the highest import tariffs in the world, according to Investopedia.
Source: Legit.ng
