New York and Singapore are the most expensive cities in the world according to the latest ranking

New York and Singapore are tied for first place in the latest ranking of the most expensive cities in the world, published this Thursday by The Economist Intelligence Unit. the cost of living global growth increased by 8.1% year on year, the highest in twenty years, thanks to factors such as the war in Ukraine.

This is the first time New York rises to the podium, tying Singaporewhich, on the other hand, has been in first place up to eight times in the last decade, ousting both cities this year from Tel Aviv, the most expensive in 2021, and which has now dropped to third place.

While the strength of the dollar is behind the rise New YorkSingapore’s name is associated with a high overall cost of living, one of the most expensive vehicles in the world – due to government controls on the number of cars in circulation – or high prices for clothing, alcohol and tobacco.

the cheapest

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

At the other end of the spectrum are Damascus and Tripoli, which remain the cheapest cities preceded by Tehran, according to a report conducted between August and September this year, comparing over 400 prices for about 200 goods and services from 172 cities.

Some of the most notable changes occurred in Tokyo and Osaka, where Japan’s continued low interest rates saw them drop 24 and 33 notches respectively from the previous edition to positions 37 and 43.

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

Global Cost of Living Crisis

The report cites the war in Ukraine and disruptions to the supply chain caused by the conflict, as well as China’s zero-coronavirus policy, which entails restrictions and border closures that hinder international trade, as reasons for widespread price increases. from 172 cities.

Their cost of living increased by an average of 8.1% year on year in local currency terms, the largest increase in the twenty years the report was produced.

The most noticeable increase was in the price per liter of gasoline, up to 22% on average on an annualized basis, as well as inflation in the cost of food.

Upasana Dutt, who is responsible for the report, points out that “the war in Ukraine, Western sanctions against Russia, and China’s zero-coronavirus policy have created supply problems that, together with rising interest rates and exchange rates, have driven up prices.” living crisis in the world. EFE