The Economist Intelligence Unit (EIU) has presented its annual ranking of the most expensive cities in the world, Dip.org.ua reports.
For the first time, New York topped the ranking of the most expensive cities, equalizing the score with Singapore. Together they overtook last year’s leader – the Israeli capital Tel Aviv, which dropped to third place.
In addition to New York, Los Angeles and San Francisco also made the list of the ten most expensive cities in the world.
Most other European cities have fallen in the rankings, as the energy crisis and the weakening economy have led to a decrease in the value of the euro and other local currencies. Stockholm, Luxembourg, and Lyon saw the biggest downgrades. The Syrian capital Damascus and the Libyan capital Tripoli remain the cheapest cities.
Data released by the EIU shows a skyrocketing cost of living in the world’s largest cities as the war in Ukraine and ongoing pandemic-related restrictions disrupt supply chains, especially for energy and food. On average, prices in the 172 cities covered by the EIU Worldwide Cost of Living Index (WCOL) rose by 8.1 percent in local currency, the highest in the 20 years we have had a digital cost of living data. This year, the survey was conducted from August 16 to September 16, 2022. Kyiv was not included in this year’s review.