Global Cost Index Analysis

This analysis explores the cost of living across various countries, aiming to provide insights into economic disparities and living standards on a global scale. Utilizing a dataset that includes indices for overall cost of living, groceries, restaurant prices, and rent, we investigate the top and least expensive countries worldwide.

See the full source code on GitHub: github.com/aelluminate/global-cost-index-analysis

Objective

The objective of this analysis is to explore the cost of living across different countries and regions. By analyzing the cost of living indices, we aim to identify the most and least expensive countries in the world. This analysis will provide insights into economic disparities, living standards, and the cost of goods and services in different parts of the world.

The Data

The dataset comprises several indices related to the cost of living in various countries. The indices included in the dataset are as follows:

1. Rank: The overall rank of the country based on the cost of living index.

2. Country: The name of the country.

3. Cost of Living Index: The cost of living index of the country. The index is based on the cost of living in New York City, which is assigned a base value of 100. A value below 100 indicates a lower cost of living compared to New York City, while a value above 100 indicates a higher cost of living.

4. Rent Index: The rent index of the country. This index compares the cost of renting in the country to the cost of renting in New York City, which is assigned a value of 100.

5. Cost of Living Plus Rent Index: The cost of living plus rent index of the country. This index combines the cost of living and rent indices to provide an overall view of the cost of living in the country.

6. Groceries Index: The groceries index of the country. This index compares the cost of groceries in the country to the cost of groceries in New York City, which is assigned a value of 100.

7. Restaurant Price Index: The restaurant price index of the country. This index compares the cost of dining out in the country to the cost of dining out in New York City, which is assigned a value of 100.

8. Local Purchasing Power Index: The local purchasing power index of the country. This index measures the relative purchasing power of a typical salary in that country, compared to New York City.

Exploratory Data Analysis

Top 10 Countries with Highest Cost of Living

	Country	Cost of Living Index
0	Switzerland	101.1
1	Bahamas	85.0
2	Iceland	83.0
3	Singapore	76.7
4	Barbados	76.6
5	Norway	76.0
6	Denmark	72.3
7	Hong Kong (China)	70.8
8	United States	70.4
9	Australia	70.2

Top 10 Countries with Lowest Cost of Living

111	Nepal	25.5
112	Paraguay	25.4
113	Madagascar	24.5
114	Syria	24.0
115	Tanzania	23.8
116	Bangladesh	22.5
117	India	21.2
118	Egypt	21.0
119	Libya	20.4
120	Pakistan	18.8

Visualizations