New York, Singapore top ‘world’s costliest metropolis’ survey & More Trending News


Agence France-Presse

December 1, 2022 | 8:54am

LONDON, United Kingdom — New York and Singapore are collectively the world’s costliest cities after inflation soared this 12 months, an annual survey confirmed Thursday.

The pair displaced final 12 months’s primary Tel Aviv, which fell to 3rd place this time spherical within the Worldwide Cost of Living index from London-based Economist Intelligence Unit (EIU).

The survey revealed “the soaring cost of living in the world’s biggest cities as the war in Ukraine and continuing pandemic restrictions disrupt supply chains, particularly for energy and food”.

New York hit the top spot for the primary time, whereas Damascus and Tripoli remained the most cost effective cities.

Prices rocketed by a median 8.1 p.c within the 172 main cities coated by the EIU survey, performed between August and September.

The survey “also shows the impact of the strong US dollar on our city rankings”, it famous.

A complete of fifty,000 worldwide costs have been transformed into {dollars}.

The US forex has jumped this 12 months because the Federal Reserve hikes rates of interest by giant quantities to attempt to tame decades-high inflation.

In addition to New York, Los Angeles and San Francisco moved into the top ten.

The greatest upward movers have been Moscow and St Petersburg, “which shot up by 88 and 70 places respectively as prices soared amid Western sanctions and buoyant energy markets supported the rouble”.

Upasana Dutt, who headed the analysis, stated “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.”

“We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data,” she added. 

New York, Singapore top ‘world’s costliest metropolis’ survey

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New York, Singapore top ‘world’s costliest metropolis’ survey

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