The Russian war in Ukraine and the lingering effects of the pandemic have sent prices and the cost of living soaring across the world. O World Cost of Living Indexmanaged byEconomist Intelligence Unit (EIU), calculated that there was a increase of 8.1% the average cost of living in the world. However, some cities were more affected by the crisis than others this year and, looking at changes in consumer goods prices in more than 170 cities around the world, a ranking of the most expensive cities in the world at the moment has been compiled.
According to the EIU’s latest global cost of living survey, number one on the list of the world’s most expensive cities is, for the eighth consecutive year, Singapore tied with New York on the podium for 2022. The average increase of 8.1% in local currency terms was registered worldwide, while energy prices they grew 29% on average in Europe and 11% globally compared to last year. Certainly, for the World Cost of Living Index, the causes must be attributed to theRussian invasion of Ukraine in february and in Covid-19 restrictions in China in global supply chains.
Self in 2021 Tel Aviv used to be the most expensive city in the world, this year it fell to third place while the first is the metropolis of New York, which shares the title with Singapore. Inside top 10 followed by the cities of Hong Kong, Los Angeles, Zurich, Geneva, San Francisco, Paris and Copenhagen in tenth place along with sydney which appeared for the first time among the ten most expensive cities in the world. Moscow and Saint Petersburg in Russia in one year they rose 88 positions in the ranking due to sanctions and the increase in oil prices according to the EIU. Caracas, Venezuela registered a 132% price increase in 2022, but considering that hyperinflation has slowed since 2019, it was not included in the research so as not to distort the global analysis.
Another factor that has led cities to rise or not in the ranking is the currency. As the US currency strengthened, many US cities rose in the rankings; while the city likes Tokyo and Osaka in Japan, where the currency collapsed, they were among the biggest decliners in the rankings, losing as much as 30 places in a year, as were Stockholm and Luxembourg and the ranking’s British cities such as London, Edinburgh and Manchester.
The only good news according to the EIU is that the cost increase may decrease in 2023 in some countries thanks to rising interest rates: “Unless war in Ukraine escalates – reads the World Cost of Living Index report – we expect commodity prices for energy, food and supplies such as metals to decline sharply in 2023 from 2022 levels, although they are likely to remain higher than previous levels🇧🇷
Source: Fan Page IT
Smith Charles is a talented entertainment journalist and author at The Nation View. He has a passion for all things entertainment and writes about the latest movies, TV shows, music, and celebrity news. He’s known for his in-depth interviews with actors, musicians, and other industry figures, and his ability to provide unique perspectives on the entertainment industry.
