According to an annual survey released on Thursday, Singapore and New York will be the world’s most expensive cities after inflation soars in 2022.
The pair displaced Tel Aviv, which fell to third place this time around in the Economist Intelligence Unit’s Worldwide Cost of Living Index (EIU).
According to the survey, “the soaring cost of living in the world’s largest cities as the war in Ukraine and ongoing pandemic restrictions disrupt supply chains, particularly for energy and food.”
For the first time, New York topped the list, while Damascus and Tripoli remained the most affordable cities.
Prices increased by an average of 8.1% in the 172 major cities surveyed by the EIU between August and September.
The survey also revealed “the impact of the strong US dollar” on city rankings, according to the report.
50,000 global prices were converted into US dollars.
In 2022, the US currency has risen as the Federal Reserve raises interest rates significantly in an attempt to tame decades of high inflation.
Along with New York, Los Angeles and San Francisco have entered the top ten.
Moscow and St. Petersburg “shot up by 88 and 70 places, respectively, as prices soared amid Western sanctions and buoyant energy markets supported the rouble.”
Ms. Upasana Dutt, who led the study, stated that “the war in Ukraine, Western sanctions on Russia, and China’s zero-Covid-19 policies have caused supply chain problems that, when combined with rising interest rates and exchange rate shifts, have resulted in a global cost-of-living crisis.”
“We can clearly see the impact in this year’s index,” she added, “with the average price rise across the 172 cities in our survey being the strongest we have seen in the 20 years for which we have digital data.”
The most expensive cities in the world to live in are as Listed:
1. Singapore & New York
2. Tel Aviv
3. Hong Kong & Los Angeles
4. Zurich
5. Geneva
6. San Francisco
7. Paris
8. Copenhagen
