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Bermuda tops cost-of-living rankings

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Bermuda has topped the latest global cost-of-living index.

The island is No 1 on a list compiled by Numbeo.com, which compared the cost of living of 135 countries against the cost of living in New York City.

After Bermuda, the next four most expensive places are Switzerland, Norway, Iceland and Japan. The Bahamas is at No 8 and Barbados at No 11.

Numbeo put the table together based on costs relative to New York City, with the Big Apple acting as the “100” baseline on the scale.

Bermuda's cost-of-living index is 147.77, which means it is 47 per cent more expensive than New York.

Switzerland is 25 per cent more expensive than New York, while all the other countries listed have a cost of living lower than the US city.

In the midyear figures, the restaurant price index for Bermuda was 152.52 — or more than 50 per cent more expensive than in New York.

However, rent was about 15 per cent less than in the Big Apple.

Groceries were 46 per cent more expensive with an index figure of 146.63, and the Numbeo data suggested an average Bermuda salary will pay for 22 per cent less goods and services locally than an average New York salary would cover in that city.

In the cost of living index, the US came in at No 21, while Canada and Britain were at Nos 31 and 33, respectively.

By the numbers: Bermuda has topped a cost of living index report by Numbeo. Data suggests the cost of living is 47 per cent higher than in New York City, which is used as the base measure (Table by Numbeo.com)

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Published July 22, 2020 at 2:00 pm (Updated July 22, 2020 at 12:26 pm)

Bermuda tops cost-of-living rankings

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