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New York City ranks first in the ranking of the most expensive cities.
- Author, Malu Cursino
- Role, Journalist at BBC
The most expensive cities in the world are respectively New York and Singapore. An annual survey carried out by the Economist Intelligence Unit (EIU).
This is the first time New York City has topped the rankings. Last year’s number 1 was Tel Aviv. She is now ranked third.
Overall, the cost of living in the world’s biggest cities is up 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, particularly on supply chains, are the explanatory factors for inflation.
Inflation was particularly high in Istanbul – with prices up 86% – in Buenos Aires (64%) and Tehran (57%).
The high inflation in the United States explains the place occupied by New York in the ranking of the most expensive cities.
Los Angeles and San Francisco are in the top 10 this year. US inflation has reached a high peak. Such a phenomenon goes back more than 40 years.
The appreciation of the dollar has been a determining factor in the standard of living in American cities.
Moscow and St. Petersburg moved up the rankings. The two cities rose respectively from 88 and 70 places, to position themselves in 37th and 73rd place. At issue: Western sanctions following Russia’s invasion of Ukraine.
The survey compares the US dollar costs of goods and services in 173 cities. Kyiv was not 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 branch, said the war in Ukraine, Western sanctions on Russia and China’s zero Covid policies “are driving the supply chain disruptions”.
“This, combined with rising interest rates and exchange rate changes, has all resulted in high inflation globally,” Ms. Dutt added.
She said the average price rise across the 172 cities was “the strongest we’ve seen in 20 years if we look at the numbers. »
The most expensive cities in 2022…
The cheapest cities
Source: EIU Global Cost of Living Index
