Singapore and New York are the most expensive cities to live in: EIU & More Trending News

 

New York City, together with Singapore, is the most expensive metropolis to live in, in accordance to the Economist Intelligence Unit.

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Singapore has as soon as once more been ranked as the most expensive metropolis to live in, sharing the prime spot with New York City this 12 months, in accordance to the Economist Intelligence Unit (EIU). 

This is the eighth time in 10 years that Singapore topped the checklist. Both Singapore and New York City knocked final 12 months’s chief, Tel Aviv, down to third place thanks to larger inflation and stronger currencies, the EIU reported in its new Worldwide Cost of Living survey of 172 cities.

According to the survey, the common value of products in native forex phrases surged by 8.1% this 12 months, citing a ballot that the agency performed between Aug. 16 and Sept. 16. That’s up from the 3.5% rise in costs reported by the EIU’s 2021 survey.

Supply chain disruptions from China’s zero-Covid coverage and the Russia-Ukraine battle had been two key causes for larger inflation this 12 months, Upasana Dutt, head of Worldwide Cost of Living at EIU, advised CNBC. 

“These two combined together placed a lot more pressure on access to goods and availability of products that account for [the] very basic necessities of people. And both of these together, then drove inflation across the world,” she stated. 

The analysis and evaluation agency discovered that the steepest value improve was for petrol. On common, petrol costs rose by 22% from the 12 months earlier than. 

Oil costs have been “very, very extreme” and “one of the highest that we’ve ever recorded in the history of our data collection,” Dutt stated. 

High inflation in the U.S.

The U.S. Federal Reserve has raised rates of interest by 375 foundation factors thus far this 12 months in mild of persistently excessive inflation, and a smaller price hike might occur in December.

That has given a major enhance to the U.S. greenback, making items extra expensive. 

“New York has appeared in this list for the very first time. So for the U.S. dollar to strengthen so much and get to where it is now, it is quite unusual,” Dutt stated. 

Other cities in the U.S. additionally rose in the index due to the robust buck, EIU stated. 

Los Angeles rose from ninth place in 2021 to fourth this 12 months. San Francisco — which didn’t make the prime 10 final 12 months — is now the eighth most expensive metropolis to live in.

Six of the 10 cities that made the largest jumps had been additionally in the United States. They embody Atlanta, San Diego and Boston.

This is the eighth time in 10 years that Singapore topped the checklist.

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Singapore’s prime spot got here as no shock.

The nation “has the world’s highest transport prices, owing to strict government controls on car numbers. It is also among the most expensive cities for clothing, alcohol and tobacco, thanks to its success as a premier location for business investment,” the report stated. 

The metropolis shared the second spot with Paris final 12 months, so it’s “very much where it has always been,” Dutt stated. 

Japan and South Korea fall

Cities in international locations whose currencies plunged this 12 months had been amongst those who fell in the rankings.

Japan’s Osaka is the forty third most expensive metropolis to live in, an enormous drop from its tenth place in 2021. And South Korea’s Busan fell 25 spots from final 12 months, and is now 106th, EIU knowledge confirmed.

“Japan and South Korea have also seen currency depreciation, while local-currency inflation in these countries is fairly subdued; this has pushed down the indices for Tokyo and Seoul compared with New York,” the report stated. 

Japan’s Osaka is the forty third most expensive metropolis to live in, in accordance to the Economist Intelligence Unit.

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“The Bank of Japan took the view that they would not artificially inflate the currency and they would let it slide so that prices would increase. That’s one of the reasons why Osaka and Tokyo have really slowed down [in their rankings],” Dutt stated.

Although South Korea made strikes to strengthen the gained, “investors always call for safer currencies at this point in time and the currency has slipped because of confidence levels,” she added. 

Biggest soar: Russian cities

The Russian cities of Moscow and St. Petersburg rose by 88 and 70 locations respectively — the two cities with the largest jumps, the survey confirmed. Moscow is now in thirty sixth place and St. Petersburg in the 73rd.

“Capital controls, import suppression and the conversion of European gas payments into rubles are supporting the value of the local currency,” EIU stated. 

On prime of that, Western sanctions on Russia have led to “extremely high” inflation there, Dutt stated.

Inflation outlook for 2023 

The silver lining is that inflation is probably going to begin easing quickly, EIU stated. 

The agency forecast that world inflation will fall from a mean of 9.4% this 12 months to 6.5% in 2023.  

“Action has been taken to ensure that inflation is curtailed. So next year, we will start seeing the effect of that so prices will be lower,” Dutt stated. “Much lower than this, but how lower is the question. We definitely expect this level of inflation to ease over 2023.”

The prime 10

Here are the world’s most expensive cities to live in, in accordance to the EIU’s 2022 Worldwide Cost of Living survey.

1. TIE — Singapore

1. TIE — New York

3. Tel Aviv

4. TIE — Hong Kong

4. TIE — Los Angeles

6. Zurich

7. Geneva

8. San Francisco

9. Paris

10. TIE — Copenhagen

10. TIE — Sydney

Singapore and New York are the most expensive cities to live in: EIU

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