In our exploration of the 10 cheapest countries in the world, our definition of affordability is anchored in a low cost of living. Cost of Living Index by Country 2023, a crowd-sourced global database encompassing statistics related to the quality of life, we delved into various factors, including housing indicators, perceived crime rates, healthcare quality, and transportation standards. Focusing on countries positioned in the lower two quintiles of the report, we filtered our list. To refine our rankings, we cross-referenced this selection with Economist Impact’s Global Food Security Index 2022, averaging out the scores for a comprehensive assessment.
To illustrate, considering Nigeria, which ranks 24th in Numbeo’s Cost of Living Index and 7th in the Global Food Security Index, its average score becomes 15.5. This meticulous process was replicated for every country. Based on the resultant average scores, we present the top 25 countries, arranging them from the most economically affordable to the relatively higher cost.
This comprehensive methodology ensures a nuanced exploration of affordability, combining factors beyond just the cost of living, providing a holistic view of countries offering budget-friendly living experiences.
Algeria emerges as one of the most cost-effective countries for shopping, primarily attributed to a longstanding government policy initiated since its independence in 1962. The subsidization of food using revenues from oil and gas has been a key strategy employed by the Algerian government. This sustained policy has played a crucial role in keeping food prices considerably lower, contributing to Algeria’s status as one of the cheapest countries to shop. The reliance on oil and gas funds to subsidize essential commodities underscores a unique economic approach that has endured for decades.
Cheapest countries for food shopping