The Global Cost of Living Index is produced by The Economist Intelligence Unit (EIU) to measure the cost of living in the world’s largest cities.
The most expensive cities in the world to live in 2022 are New York and Singapore, according to the Worldwide Cost of Living Index 2022. This study is conducted by The Economist Intelligence Unit (EIU) and finds the average cost of living in the world the most big. In the year 2021 the number one position was Tel Aviv while this year it is in third place.
According to the EIU, it is the first in New York to top the rankings and the explanation is high inflation in the United States. Among the top ten most expensive cities to live in are Los Angeles and San Francisco, plus four European cities: Zurich, Geneva, Paris and Copenhagen. As regards the explanations of the study, it is emphasized that the increase in the cost of living in Europe is due to the increase in the price of energy sources such as gas, electricity and the unequal value of the euro.
The study authors point out that the average cost of living in the world’s largest megacities increased by 8.1% in 2022. This was due to the war in Ukraine, the lingering effects of the Covid-19 pandemic and the increase of energy costs in the world. The research and analysis was conducted by Upasana Dutt who said that: “The war in Ukraine, Western sanctions on Russia and China’s zero covid policies have caused problems in the supply chain.” And she added: “Combined with rising interest rates and changes in the exchange rate, it has resulted in a cost-of-living crisis around the world.”
Finally, it should be noted, this index is carried out annually and is made by comparing more than 200 products and services daily in 172 cities around the world. The cost of food, clothing, rent and transport are taken into consideration, the basic parameter of comparison of which is New York, with an index set at 100. “The average increase in prices in the cities analyzed is the most strong recorded in the 20 years for which we have digital data,” concluded Upasana Dutt.
With information from NotiPress
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