Beirut ranked 290th globally and sixth regionally in the global cost of living index for mid-2023, with a score of 54.00. This was reported in a study by the "Numbeo" statistics website on the global cost of living index.
Statistics revealed that Hamilton took the first place globally with a score of 140.40 on the index (indicating that prices in Hamilton are 40.40% higher than those in New York City), followed by Basel (score of 130.00), Zurich (score of 128.50), Lausanne (score of 120.60), and Zug (score of 119.10).
Dubai emerged as the most expensive city in the Arab world when comparing its price levels to those in New York City, with a cost of living index of 66.10, ranking it 189th globally. Following Dubai were Khobar (cost of living index of 59.80 and 261st globally) and Abu Dhabi (cost of living index of 59.80 and 262nd globally).
Consequently, Beirut’s position as 290th globally and sixth regionally means that prices in Beirut are 46% lower compared to those in New York City. Beirut also recorded a score of 18.60 in the rental price index (indicating that rental prices in Beirut are 81.40% lower than in New York City), 36.80 in the goods price index (meaning that goods prices in Beirut are 63.20% lower than those in New York City), 41.30 in the restaurant price index (indicating that restaurant prices in Beirut are 58.70% lower than in New York City), and 12.30 in the purchasing power index (implying that purchasing power in Beirut is 87.70% lower than that in New York City).
On the other hand, the historical development of the cost of living index in Beirut shows that prices in Lebanon have increased in recent years due to the ongoing economic and financial crisis, which has led to a significant rise in the cost of living due to the depreciation of the Lebanese pound against the US dollar. However, the index declined in mid-2023 due to lower results across all included indicators (with the exception of the local purchasing power index).
