High Inflation in the US Becomes One of the Triggers - New York and Singapore Become the Most Expensive Cities in the World
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Now in my post this time I will share about High Inflation in the US Being One of the Triggers for New York and Singapore to Become the Most Expensive Cities in the World
According to the Economist Intelligence Unit (EIU) annual survey, the most expensive cities in the world are New York and Singapore . This is the first time New York, United States of America (USA) has topped the rankings. Last year, this position was occupied by Tel Aviv . Currently the city occupies the third position.
The EIU survey report said that overall, the average cost of living in the world's largest cities rose 8.1% this year.
The war in Ukraine and the impact of Covid on the supply chain were identified as factors behind the increase.
Quoted by the BBC, inflation was very high in Istanbul with prices rising 86%, followed by Buenos Aires (64%) and Tehran (57%).
High inflation in the US is one of the reasons New York topped the list. Los Angeles and San Francisco also make the top 10. Earlier this year, US inflation was the highest in more than 40 years. The strengthening of the dollar is also a factor in the prominence of US cities.
Moscow and St Petersburg rose through the rankings with 88 and 70 places, to 37 and 73 respectively, partly as a result of Western sanctions following Russia's invasion of Ukraine.
The survey compared costs in US dollars for goods and services in 173 cities. Kyiv was not included in this year's review.
EIU compares more than 400 individual prices on more than 200 products and services from 172 cities around the world.
Upasana Dutt, who is in charge of leading the research, said the war in Ukraine, Western sanctions against Russia and China's zero-Covid policy had caused supply chain problems.
"That, combined with rising interest rates and shifting exchange rates, has resulted in a worldwide cost-of-living crisis," he said.
He said the average price increase in the 172 cities in the EIU survey was the strongest it has ever been in the 20 years since they first had digital data.
List of the most expensive cities in the world in 2022 :
1. New York
2. Singapore
3. Tel Aviv
4. Hong Kong
5.Los Angeles
6. Zurich
7. Geneva
8.San Francisco
9. Paris
10. Sydney
10. Copenhagen
List of the cheapest cities in the world in 2022:
161. Colombia
161. Bangalore
161. Algiers
164. Chennai
165. Ahmedabad
166 . Almaty
167. Karachi
168. Tashkent
169. Tunis
170. Tehran
171. Tripoli
172. Damascus
It's from the source : EIU's World Cost of Living index
So little information that I can share at this meeting and hopefully it's useful.
Regards! @aronexxon🙂🙏