Nigeria misses out in 2023 top 10 African countries with highest cost of living

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.)

The high cost of living is a major concern for many individuals and families around the world. It is an issue that affects people of all income levels and can significantly impact their quality of life. Several factors contribute to the high cost of living in a country, including economic policies, inflation, and the cost of essential goods and services.

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One of the primary reasons for the high cost of living in a country is the state of its economy. Countries with a strong economy tend to have a higher cost of living due to the high demand for goods and services. This is because when people have more money to spend, they are willing to pay more for the things they need and want.

Inflation is another factor that contributes to the high cost of living. Inflation occurs when the general price level of goods and services increases over time. This means that people have to spend more money to buy the same goods and services they could buy for less in the past. Inflation can be caused by various factors, such as increases in the money supply, changes in government policies, or external factors like global supply chain disruptions.

The high cost of living can have a significant impact on individuals and families, particularly those on a fixed income or low-income earners. It can lead to financial hardship, making it difficult to pay bills, save for the future, or even afford necessities. It can also limit education, healthcare, and other essential service opportunities.

When deciding on a resident country, it is important to know the cost of living within the said economy, as a result, Numbeo, one of the world’s most profound data and research platforms, has created a methodology to compute data that determines the countries with the highest cost of living.

This article includes the 10 African countries with the highest cost of living. The overall index Numbeo comes up with is determined by the following factors, Cost of Living Index (Excluding Rent) which is a relative indicator of consumer goods prices, including groceries, restaurants, transportation, and utilities, rent index, groceries index, restaurants index, Cost of Living Plus Rent Index which is an estimation of consumer goods prices including rent, and local purchasing power.

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, other surveys, etc.). Manually collected data from established sources are entered twice per year. A more comprehensive breakdown of the methodology is available on Numbeo’s website.

Below are the 10 African countries with the highest cost of living in 2023 according to Numbeo.