The cost of living is one of the most worrying issues in Africa. CEOWORLD, an American magazine, looked at this factor in the most expensive countries in Africa. The 19 most and 10 least expensive countries in Africa:
The 19 most and 10 least expensive countries in Africa
19 most expensive countries in Africa
A country’s economy depends on a range of factors, including the cost of living. A low cost of living is crucial for a country’s economic stability, as it directly affects the standard of living, consumer purchasing power, and investment opportunities.
Indeed, Inflation is a crisis that is hitting the whole world, and Africa in particular, hard. 19 African countries are among the 132 countries where the American magazine CEOWORLD has investigated the cost of living. According to our analysis, this study took into account: accommodation, clothing, cab, utilities, telecommunications and Internet, groceries, transportation and restaurants.
Accordingly, our analyst specifies that different studies were also taken into account (consumer prices, cost of living, salaries, etc.). The reference of this study is the cost of living in New York, set at 100. Here are the top 19 African countries: Seychelles, Zimbabwe, Ethiopia, Mauritius, Namibia, South Africa, Kenya, Botswana, Somalia, Ghana.
10 least expensive countries in Africa
According to Business Insider, 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.
Thus, Below are 10 African countries with the lowest cost of living (2023) according to Numbeo: Egypt, Libya, Tunisia, Ghana, Algeria, Morocco, Rwanda, Tanzania, Nigeria, Uganda.