Singapore And New York Are Now The World’s Most Expensive Cities

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Singapore and New York are officially the world’s most expensive cities, according to the Economist Intelligence Unit’s (EIU) Global Cost of Living Survey. The study, which analyzes the cost of living around the world, suggests that prices will rise by 8.1% in 2022. soaring inflation The Ukrainian war and high fuel prices are to blame.

About 172 cities around the world were affected by inflation this year, according to the WHO. report.

Interestingly, Singapore has been on the list eight times in the last decade, but this year New York made it to the top for the first time as the US dollar has remained strong throughout the year. Israel’s Tel Aviv, which ranked first last year, came in third this year.

Details of the world’s most expensive cities based on rankings

new york skyline. Image Credit: Michael Discenza/Unsplash

How was the Asian countries?

Continental inflation is around 4.5%, lower than the global figure. However, country-to-country performance varies. Singapore remained at the top of the category, but her six cities in China moved up the ranks, with Shanghai entering the top 20. JapanOn the other hand, Tokyo and Osaka fell to 24th and 33rd respectively, a fair result as interest rates remained low.

most expensive city in the world
Shanghai. Image credit: Pen Tsai/Unsplash

Survey of the world’s most expensive cities: what do the experts say?

Gasoline prices will jump 22% in 2022. Not only fuel but also utility bills, necessities, and electricity have skyrocketed this year. His Upasana Dutt, EIU’s Global Cost of Living Officer, said: war in ukraine, Western sanctions against Russia and China’s zero-corona policies are causing supply chain problems, which, combined with rising interest rates and exchange rate changes, are causing a cost of living crisis around the world. “

She added: We expect prices to begin to ease over the next year as supply bottlenecks begin to ease and an economic slowdown weighs on consumer demand. “

(Main and featured images: Hu Chen/Unsplash)

This story first appeared lifestyle asia singapore

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