The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities.
This year's data was collected in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5 per cent in local currency terms -- the fastest inflation rate recorded over the past five years.
Social restrictions due to the coronavirus pandemic "have disrupted the supply of goods, leading to shortages and higher prices," said Upasana Dutt, head of worldwide cost of living at The EIU.
"We can clearly see the impact in this year's index, with the rise in petrol prices particularly stark," she said, while central banks are expected to raise interest rates cautiously, reducing inflation.
Let's take a look at the World's most expensive places to live: