- Author, Malu Cursino
- Role, BBC reporter
Photo copyright, Getty Images
New York City ranks first in the ranking of the most expensive cities.
The most expensive cities in the world are New York and Singapore respectively. Annual survey conducted by the Economist Intelligence Unit (EIU).
This is the first time New York City has topped the league table. Last year’s number 1 was Tel Aviv. It is now in third place.
Overall, the cost of living in the world’s largest cities has risen 8.1% this year, according to the Economist Intelligence Unit survey.
The war in Ukraine and the impact of the Covid pandemic on the economy, especially on supply chains, are the explanatory factors for inflation.
Inflation was particularly high in Istanbul – with prices rising by 86% – Buenos Aires (64%) and Tehran (57%).
High inflation in the United States explains New York’s place in the ranking of the most expensive cities.
Los Angeles and San Francisco are in the top 10 this year. Inflation in the US has reached a high peak. Such a phenomenon dates back more than 40 years.
The appreciation of the dollar has been a major factor in the standard of living in American cities.
Moscow and St. Petersburg topped the rankings. The two cities have moved up from 88th and 70th place respectively, to position themselves at 37th and 73rd place. At issue: Western sanctions following the Russian invasion of Ukraine.
The survey compares the US dollar costs of goods and services in 173 cities. Kyiv has not been included in the poll this year.
The EIU compared more than 400 individual prices on more than 200 products and services from 172 cities around the world.
Upasana Dutt, head of the research department, said the war in Ukraine, Western sanctions on Russia and China’s zero Covid policies “are at the root of supply chain disruptions”.
“This, combined with rising interest rates and exchange rate movements, has led to high inflation globally,” Ms Dutt added.
He said the average price increase in the 172 cities was “the strongest we’ve seen in 20 years if you look at the numbers. »
The most expensive cities in 2022…
The cheapest cities
Source: EIU Global Cost of Living Index
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