For many, the dream of moving to a new life in a big city can be a costly pleasure, especially if you choose to live in Hong Kong, Paris or Zurich, which according to new research are the most expensive cities in the world, CNN reports.
The Economist Intelligence Unit (EIU), which evaluates 133 cities around the world and compares the price of 138 everyday items in a shopping cart in each, ranks the three cities at the top of the table in terms of the cost of living during a pandemic. European cities have even outperformed Singapore, which now ranks fourth, and Osaka, which ranks fifth, compared to Hong Kong in the previous global cost of living survey in March.
In terms of cost of living, Tel Aviv, Geneva, New York, Copenhagen follow, and Los Angeles ranks tenth.
Due to the currency fluctuations caused by the pandemic, the US dollar has depreciated, meaning that destinations in Africa, the Americas and Eastern Europe have become cheaper since March, while in Western Europe, where the euro has appreciated against the dollar, prices have risen. The Swiss franc has also appreciated.
In terms of the cost of living, Singapore and Osaka are in fourth and fifth place, respectively, with Tel Aviv launching Osaka in fifth place and ranking itself lower.
Geneva, New York, Copenhagen and Los Angeles are currently closing the list of the top ten cities in terms of cost of living.
Meanwhile, such metropolises as Sydney are only in 15th place, London – in 20th place, Nairobi – in 77th place, but the capital of Latvia’s neighboring country Moscow is only in 106th place. Even lower is, for example, Delhi, ranking 121st.
Life has risen the most in Tehran, which has risen from 106th to 79th place in the top, as US sanctions affect the supply of goods there. Meanwhile, the Icelandic capital, Reykjavik, the Brazilian capital, Rio de Janeiro, and the Brazilian state’s administrative center, Sao Paulo, are experiencing the biggest price declines. Researchers attribute the fact that living in Brazilian cities has become significantly cheaper to a weak currency and rising poverty rates. Brazil has also suffered greatly during the pandemic.
In Syria, meanwhile, the city with the lowest cost of living is Damascus, followed by Tashkent in Uzbekistan, Lusaka in Zambia, Caracas in Venezuela and Almaty in Kazakhstan. The city with the lowest cost of living closes Karachi in Pakistan, Buenos Aires in Argentina, Algiers in Algeria and Bangalore and Chennai in India. The Argentine government has introduced price controls during the pandemic, which could explain Buenos Aires’ top level.
Not only have cities changed places, but so have the price levels of various everyday necessities. The study found that electronics prices have risen worldwide. Meanwhile, clothing prices have fallen, possibly due to an increase in the number of people working from home. Basic groceries pay the same, while fees for personal hygiene items, tobacco and alcohol have risen.
“The Covid-19 pandemic has weakened the US dollar, while the currencies of Western Europe and North Asia have strengthened against it, which in turn has changed the prices of goods and services,” explains the head of EIAS’s global cost of living division.
“The pandemic has changed consumer behavior because [administratīvi teritoriālo vienību] “Blocking and lifestyle trends, such as working from home, have made consumer electronics more expensive, and instead of catering establishments that provide lunch for middle-class families, meals have lined up at home,” the experts explain.
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