According to the worldwide cost of living index 2022 published by the Economic Intelligence Unit (EIU), New York is now the most expensive city in the world to live in, with Singapore in second place. This stance is due to the rising energy costs brought on by the war in Ukraine and the pandemic’s continuing consequences.
New York and Singapore are the most expensive cities
The worldwide cost of living index 2022 by the Economic Intelligence Unit (EIU) reported New York is the most expensive city in the world, to live in. Singapore ranked second in the survey conducted in 172 countries. Both cities knocked Israel’s Tel Aviv, which had been first the previous year, to the third position. Hong Kong and Los Angeles ranked fourth and fifth respectively.
A strong currency and rapid price increases aided all 22 of the US cities to move up the rankings. Atlanta, Charlotte, Indianapolis, San Diego, Portland, and Boston were six of the ten cities with the highest ranking jumps.
Throughout the last ten years, Singapore has consistently topped the list. The nation has the highest transportation costs in the world, as a result of severe government restrictions on the number of vehicles. It is also among the most expensive city for clothing, alcohol, and tobacco.
The Russian cities of Moscow and St. Petersburg saw the highest advances, rising 88 and 70 spots, respectively, as prices climbed in the face of Western sanctions and the rouble was boosted by robust energy markets.
The survey analyses more than 400 specific prices for more than 200 goods and services, across 172 cities. Prices increased by 8.1 percent in 2022, as a result of rising inflation. It occurred due to the conflict in Ukraine, rising fuel costs, and “zero – covid” restrictions in China, according to the report. Electricity, basic goods, and utility costs were also high this year. In terms of local currency, the cost of a liter of petrol has increased by 22%, since 2021.
Cities in nations with depreciating currencies were among those sliding off the list of the priciest cities. Tokyo and Osaka in Japan, which had previously ranked 13th and 10th respectively in 2021, had one of the largest declines, falling to 37th and 43rd respectively.
Other cities in the top 10
- Zurich – Switzerland
- Geneva – Switzerland
- San Francisco – California
- Paris – France
- Copenhagen – Denmark
The cheapest city in the world
The cheapest cities in the world are the capital cities of Libya – Tripoli (171) and Syria – Damascus (172) reflecting their weak economies and currencies. Bangalore, Chennai, and Ahmedabad in India, which are ranked 161, 164, and 165, respectively, are also among the least expensive cities.
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