Singapore and New York are now the most expensive cities to live in, according to a new report.
The Report “World Cost of Living (WCOL) 2022”which was released by the Economist Intelligence Unit (EIU) on Wednesday, saw Singapore and New York tied for first place.
Tel Aviv, which held first place last year, fell to third place, while Hong Kong moved up to fourth and Los Angeles moved up to fifth. Zurich, Geneva, San Francisco and Paris respectively took sixth to ninth places. Meanwhile, Copenhagen and Sydney are tied for 10th place.
The WCOL survey was conducted between August 16 and September 16 and “tracks the prices of more than 200 goods and services in 172 cities around the world.”
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The EIU said in its report that Singapore and New York rose to the top spot due to “high incomes and a stronger exchange rate.” In last year’s reportSingapore was in second place and New York in sixth place.
According to the EIU, cities around the world have seen rapidly rising prices for food, household items and utilities such as electricity. Upasana Dutt, Global Head of Cost of Living at EIU commented on the current global cost of living crisis, saying: “The war in UkraineWestern sanctions against Russia and China zero covid policies have caused supply chain issues which, combined with rising interest rates and exchange rate swings, have led to a cost of living crisis around the world.
“We can clearly see the impact on 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 numerical data,” she continued. “We expect prices to begin to decline over the coming year as supply bottlenecks begin to ease and slowing economies weigh on consumer demand.”
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