The recently released list of the world’s most expensive cities shows New York and Singapore topping the list.
The Worldwide Cost of Living Index for 2022 was recently released by the Economist Intelligence Unit (EIU).
The two most expensive cities in the world, according to data, are New York and Singapore, while Tel Aviv, which topped the list last year, is now in third place.
It’s the first time that New York City has come in first place. Due in part to the United States’ high rates of inflation over the previous year. Los Angeles and San Francisco are two of the most expensive cities in the world.
Four European cities are also listed in the list, including Copenhagen, Paris, Geneva, and Zurich. According to the EIU, price hikes in Western Europe were mostly caused by rising gas prices and the disparate value of the euro.
The annual index compares costs for more than 200 common goods and services, including rent, food, clothing, and transportation, in 172 locations worldwide. The study’s cities are contrasted with New York, the study’s basis city, using an index that is set at 100.
The war in Ukraine and the lingering impacts of the COVID-19 pandemic, according to this year’s report, caused an increase in the average cost of living in the world’s largest cities of 8.1 percent in 2022.
“The war in Ukraine, Western sanctions on Russia and China’s zero-Covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world,” Upasana Dutt, who was responsible for leading the research, said in a statement. Dutt added that the average price increase in the cities analyzed is “the strongest we’ve seen in the 20 years for which we have digital data.”
Watch the video below: