New York and Singapore, the most expensive cities in the world, according to a report

Singapore, December 1 New York and Singapore share the top spot in the latest ranking of the world’s most expensive cities released this Thursday by The Economist Intelligence Unit, which reflects that the global cost of living has risen 8.1% year-on-year , the highest increase in twenty years, due to factors such as the war in Ukraine.

It is the first time that New York has taken the podium, tied with Singapore, which instead has held the first place up to eight times in the last decade, this year undermining both cities from Tel Aviv, the most expensive in 2021 and which falls Now in third place.

While the strengthening of the dollar is behind the rise in New York, the Singapore stock responds to a general high cost of living, with one of the most expensive transport in the world -due to government control over the number of cars on the road-, or the high price of clothing, alcohol and tobacco.

THE CHEAPEST

Hong Kong and Los Angeles share fourth place, followed by Switzerland’s Zurich and Geneva, which also share the top positions. San Francisco (USA), Paris, Copenhagen and Sydney (Australia) complete the list of the ten most expensive cities in the report of The Economist Intelligence Unit (EIU).

At the opposite end of the spectrum are Damascus and Tripoli, which remain the cheapest cities, preceded by Tehran, according to the report, produced between August and September of this year, which compares more than 400 prices of about 200 products and services from 172 cities.

Some of the most notable changes are those of Tokyo and Osaka, where the maintenance of low interest rates in Japan caused them to go down 24 and 33 steps respectively, compared to the previous edition, to occupy positions 37 and 43.

Overall, the 58 Asian cities included in the ranking saw only a “moderate” price increase (averaging 4.5%, nearly half of the total), with some countries benefiting from cheaper Russian oil and interest rates still low, detects EIU.

GLOBAL COST OF LIVING CRISIS

The report points to the war in Ukraine and the supply chain disruptions caused by the conflict, as well as China’s zero covid policy – which includes borders and a border closure that hinders international trade – as the reasons for the widespread price increase. of the 172 cities.

In these, the cost of living increased by an average of 8.1% on an annual basis, using local currencies as a reference, the largest increase in the twenty years in which the report was produced.

The most marked increase was that of the price per liter of petrol, with an average increase of up to 22% on an annual basis, as well as the inflation of the cost of foodstuffs.

Upasana Dutt, responsible for the report, indicates that “the war in Ukraine, Western sanctions on Russia and China’s zero covid policy have caused supply problems which, together with the increase in interest rates and exchange rates, have led to a living crisis cost in the world”. EFE extension

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