5 Countries With The Highest And Lowest Cost Of Living

U.S. inflation levels are at the highest levels in years, driving up the cost of living for all Americans. Federal Reserve Chair Jerome Powell has repeatedly assured Americans that elevated inflation levels are “transitory,” but Powell admitted this week in a speech to Congress that inflationary pressures have been “larger and longer lasting than anticipated.”

The U.S. is already one of the world’s 11 most expensive countries to live, according to Numbeo's Cost of Living Plus Rent Index (COLPRI). The index factors in cost of living variables for a four-person family, including clothing, dining, transportation, recreation and utilities. The index is based on a 100 score for the cost of living in New York City, one of the two most expensive cities in the U.S.

Most And Least Expensive Countries: Costs may be on the rise in the U.S., but these five countries topped the Numbeo list of countries with the highest cost of living:

• Switzerland (87.8)
• Hong Kong (78.3)
• Iceland (74.8)
• Singapore (72.5)
• Norway (70.2)

Some Americans may be considering moving to a country with one of the lowest cost of living scores. However, saving a few extra bucks many not be worthwhile when sacrificing quality of life factors such as geopolitical stability, personal liberties and even practical considerations like access to electricity and the internet. Here are the five countries with the lowest cost of living scores, according to Numbeo:

• Pakistan (13.6)
• Afghanistan (14.5)
• India (15.5)
• Syria (15.9)
• Tunisia (16.7)

Least Expensive States: Instead of moving to a different country, Americans struggling with the rising cost of living can also consider simply moving to a different state. Here are the five U.S. states with the lowest cost of living, according to U.S. News & World Report:

• Mississippi
• Kansas
• Oklahoma
• Alabama
• Arkansas