Ireland is the 16th most expensive country in the world to live, according to price-comparison website Numbeo.
The rankings are based on the average price of goods and services, including groceries, restaurants, transport and utilities, across 139 countries. They do not include the cost of housing, rents or mortgages.
The list for 2022 has Ireland dropping three places to 16th, suggesting it is more expensive than the UK, US, France and New Zealand, but cheaper than Switzerland, Norway and Australia.
Bermuda ranked as the most expensive place in the world, while Pakistan was the least expensive.
Costs
Numbeo bases the rankings on costs relative to New York City, with the US city acting as the "100" baseline on the scale.
Ireland’s cost-of-living index was 76.05, which means it is 24 per cent less expensive than New York. The findings come amid a major pick-up in inflation and a cost-of-living squeeze worldwide.
Headline inflation in the Republic is now running at 5.5 per cent, its highest level since April, 2001.
The latest Consumer Price Index, collated by the Central Statistics Office, shows the acceleration was driven by a range of price increases in energy, housing, food and transport, most of which took place in the second half of 2021.
The sudden surge in inflation is expected to trigger several interest rate rises in the US this year.
The European Central Bank is sticking to its mantra that euro zone inflation will fall gradually over the year and has so far ruled out rate hikes as a response.
Rent
When housing costs such as rent is included in the Numbeo rankings, Ireland moves up to 13th globally. If rent is taken in isolation, Ireland ranks 11th in the world and fourth in Europe, behind Jersey, Luxembourg, Guernsey and Switzerland but ahead of most peer countries.
Annual house price inflation surged to another pandemic high of 14 per cent this week. The figures for November represented the strongest level of growth seen in the market in over 6½ years.
According to property website daft.ie, rents are also rising at an accelerated rate of 6.7 per cent year on year. The company’s latest quarterly report said there were just 1,460 homes to rent on its website as of November 1st last, the lowest number since its quarterly series began in 2006. This included just 820 in Dublin.
Top 20 most expensive places
- Bermuda
- Switzerland
- Norway
- Iceland
- Barbados
- Jersey
- Israel
- Denmark
- Bahamas
- Singapore
- Guernsey
- Hong Kong
- Luxembourg
- Australia
- Japan
- Ireland
- Netherlands
- New Zealand
- France
- South Korea
