New York's First No. 1... Three U.S. Cities in Top 10
Singapore Ranked No. 1 Eight Times in 10 Years... Tel Aviv in 3rd Place
[Asia Economy Reporter Noh Kyung-jo] The cities with the highest cost of living were the United States' New York and Singapore.
According to the '2022 Worldwide Cost of Living' report released on the 1st (local time) by the Economist Intelligence Unit (EIU) of the UK, New York and Singapore were jointly ranked first among 172 cities surveyed for having the highest cost of living this year.
The EIU ranked cities based on the 'Worldwide Cost of Living Index' (WCOL index), which reflects the prices of over 160 goods and services including food, clothing, housing, transportation, and tuition, using New York's prices (100 points) as the benchmark. As a result, both New York and Singapore scored the highest at 100 points.
New York topped the list for the first time this year, and three U.S. cities including Los Angeles (LA) and San Francisco made it into the top 10. The EIU analyzed that not only rising prices but also the strength of the dollar influenced this outcome.
Singapore has consistently ranked among the most expensive cities. Including this year, it has been ranked first eight times in the past decade.
Following them were Tel Aviv, Israel (3rd), Hong Kong and LA (tied 4th), Zurich, Switzerland (6th), Geneva (7th), San Francisco (8th), Paris, France (9th), and Copenhagen, Denmark and Sydney, Australia (tied 10th).
The city with the lowest cost of living was Damascus, Syria. It was followed by Tripoli, Libya (171st), Tehran, Iran (170th), Tunis, Tunisia (169th), and Tashkent, Uzbekistan (168th).
The cities with the largest increase in cost of living compared to the previous year were Moscow and Saint Petersburg in Russia. These two cities rose 88 and 70 places respectively in the cost of living rankings, placing 37th and 73rd. This is attributed to soaring prices after Western countries imposed economic sanctions on Russia following its invasion of Ukraine in February this year.
The prices in the 172 cities surveyed this year rose by an average of 8.1% compared to last year. This is the highest increase rate since the EIU began compiling cost of living data for cities over the past 20 years. The item that became the most expensive was gasoline, which rose by 22% compared to last year due to the increase in international oil prices.
Upasana Dutt, head of the EIU's Worldwide Cost of Living division, said, "The Russia-Ukraine war and Western sanctions on Russia, along with China's COVID-19 prevention policies, caused supply chain issues, which combined with interest rate hikes, led to a global increase in living costs. As supply chain bottlenecks gradually resolve, prices are expected to ease next year."
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