Imagine now that millions of end users constantly submitting individual prices of everyday items such as food, transportation fees, clothing and the like. Then imagine that this tidal wave of real-time data gets compiled and stored in a huge digital database where they are analyzed, disaggregated, and are connoted with some underlying logic.
Viola, a worldwide index of prices is now created and at our disposal with a few clicks of a mouse or taps on a screen. This global index of prices compares the cost of living across various places courtesy of those crowd-sourced data points that initially contributed to the data cloud. This was what Numbeo has precisely done.
Now, we take it one step further and depict that information through an eye-friendly infographic, courtesy of Visual Capitalist. A few outliers catch our eye. While Switzerland, Norway, Australia, The UK, and Singapore (our country) may have fallen into your list of expensive countries, countries such as Venezuela and Kuwait might have caught you off guarded on just how expensive they really are to live in - with the former experiencing some 64% hyperinflation at last check.