According to Mercer’s “2024 International Cost of Living Ranking,” San José, the capital of Costa Rica, has secured the position as the third most expensive city to reside in across Latin America. This annual report evaluates 226 cities globally based on the comparative costs of 200 essential items, encompassing housing, transportation, food, clothing, household goods, and entertainment.
The cost of living in San José has notably increased over the past year, marking it as one of the top ten cities worldwide with significant cost rises, as reported by The Economist earlier this year. Factors contributing to this rise include notable increases in rental housing, gasoline, new cars, tomatoes, watermelon, onions, and international tourist packages, as outlined by Costa Rica’s Consumer Price Index from the National Institute of Statistics and Censuses.
Inflation within Costa Rica remains modest, with a June increase of 0.14%, still below the Central Bank’s target of 3%. This economic backdrop underscores the ongoing challenge of balancing income levels with rising living costs, a concern that has intensified in recent years.
Globally, San José ranks 36th in terms of cost of living, positioned behind Nassau, which leads the region. Mexico City has also seen a notable rise, ranking third in Latin America and 33rd globally.
Mercer’s annual ranking serves as a valuable resource for organizations and individuals navigating global mobility decisions, offering insights into cost trends that inform strategic planning and decision-making.
The top ten most expensive cities to live in Latin America for 2024 include Nassau (Bahamas), Mexico City (Mexico), San José (Costa Rica), Montevideo (Uruguay), San Juan (Puerto Rico), Buenos Aires (Argentina), Monterrey (Mexico), São Paulo (Brazil), Guatemala City (Guatemala), and Rio de Janeiro (Brazil).
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