New York and Singapore were ranked as the most expensive cities in the world. Los Angeles has the 4th highest cost of living in the world, along with Hong Kong.
According to the “2022 Worldwide Cost of Living” report released on the 1st by the Economist Intelligence Unit (EIU), a sister company of the British Economist, New York and Singapore have the highest cost of living this year among 172 cities surveyed. tied for first place.
EIU ranks the cost of living in cities according to the World Cost of Living Index (WCOL index), which reflects the prices of over 160 goods and services, including food, clothing, housing, transportation, and tuition, based on New York prices (100 points). Singapore both scored the highest score of 100. This is the first time New York has topped the list.
In addition to New York, a total of three American cities, Los Angeles, and San Francisco, made it into the top 10. The EIU analyzed that this is not only due to inflation but also to the strong dollar phenomenon.
Following New York and Singapore, Israel Tel Aviv (3rd), Los Angeles and Hong Kong (tied 4th), Switzerland Zurich (6th), Geneva (7th), San Francisco (8th), France Paris (9th), Denmark Copenhagen ·Sydney, Australia (tied for 10th)
Damascus, Syria, is the cheapest city to live in. It was followed by Tripoli, Libya (171st), Tehran, Iran (170th), Tunis, Tunisia (169th), and Tashkent, Uzbekistan (168th).
Moscow and St. Petersburg, Russia, ranked first and second, respectively, as the cities where the cost of living increased this year compared to last year. These cities ranked 37th and 73rd in the cost-of-living ranking, up 88 and 70 places, respectively, compared to last year. It is analyzed that this is because the price of goods soared due to the sanctions imposed on Russia by the West after Russia invaded Ukraine in February this year.
Meanwhile, prices in the 172 cities surveyed this year increased by an average of 8.1 percent compared to last year. The war in Ukraine, supply chain collapse, and China’s intensive COVID-19 quarantine policy are cited as causes, the EIU explained.
Gasoline was the most expensive item, and it was found that it increased by 22% compared to last year due to the rise in international oil prices. “The war in Ukraine, ensuing Western sanctions against Russia, and China’s COVID-19 containment policies have created supply chain problems, which, combined with rising interest rates, have resulted in a rise in the global cost of living,” said Upasana Dutt, Head of Global Cost of Living at EIU. “Supply Chain Bottlenecks As the current situation is resolved little by little, prices are expected to ease next year,” he said.