Tokyo rose above London to second place in the world rankings, while Oslo, boosted by Norway's petrol dollars, climbed six places to fourth.
Asuncion, capital of Paraguay, was ranked the world's least expensive major city for the sixth consecutive year, according to the annual survey conducted by human resources consultants Mercer. The study measured the cost of more than 200 items in 143 cities.
Moscow has a cost of living index of 142.4 points compared with highest-ranking US city, New York, which fell seven places to 22nd with a score of 100.
Although consumers across the globe are feeling the pinch of rising prices, large currency shifts and economic differences mean people in some countries feel it more than others.
"Our research confirms the global trend in price increases for certain foodstuffs and petrol, though the rise is not consistent in all locations," said Yvonne Traber, a principal and research manager at Mercer.
Mercer said currency trends accounted for many of this year's shifts in city rankings, with the ruble, euro, and several other currencies all gaining against the US dollar and making US cities in general seem comparatively cheaper.
"On the bright side, the US dollar's loss of value may serve to attract globally mobile executives to business centers such as New York, Chicago and Los Angeles," said Mitch Barnes, another principal at Mercer.
"The difference in cost of living can be significant, particularly for executives with families," he said.
Mercer said its survey, which tracked housing rents, cost of clothing, transport and entertainment, was used to help multinational companies and governments determine compensation allowances for their expatriate employees.
