September 29, 2023
These are the world’s most costly cities to stay in 2022
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(CNN) — It looks like each month when family payments come due, we grumble about how the price of residing has gone up once more.

In different phrases — no, it isn’t simply you.

“The warfare in Ukraine, Western sanctions on Russia and China’s zero-Covid insurance policies have prompted supply-chain issues that, mixed with rising rates of interest and exchange-rate shifts, have resulted in a cost-of-living disaster internationally,” Upasana Dutt, head of worldwide price of residing at EIU, mentioned in a media assertion.

She added: “We will clearly see the impression on this 12 months’s index, with the common value rise throughout the 172 cities in our survey being the strongest we have seen within the 20 years for which we’ve got digital information. The rise in petrol costs in cities was significantly sturdy (because it was final 12 months), however meals, utilities and family items are all getting dearer for city-dwellers.”

So, in an costly 12 months, what are the costliest cities to stay in?

Copenhagen fell from 8th to 10th place in 2022.

Copenhagen fell from eighth to tenth place in 2022.

Jonathan Nackstrand/AFP/Getty Pictures

Europe in transition

The EIU, which tracks on a regular basis bills in 172 cities all over the world, relies in London. The British capital fell considerably down the record this 12 months, touchdown in twenty seventh place.

There have been 4 European cities within the high 10 — Zurich (sixth place) was the very best, with Paris, Copenhagen and fellow Swiss metropolis Geneva rounding out the remainder.

Probably the most important reason behind value upticks in western Europe was growing fuel costs, the results of the continued Russian warfare in Ukraine and the area looking for alternate sources of fuel. The price of one liter of gasoline has gone up a whopping 22% in comparison with this era final 12 months.

Unsurprisingly, Russian cities Moscow and St. Petersburg each noticed important hikes in price of residing bills, whereas Ukraine capital Kyiv was not analyzed this 12 months.

Along with fuel prices, one issue cited by the EIU was the uneven worth of the Euro, which is utilized by some however not the entire European cities on this 12 months’s record — the UK is on the pound, and Switzerland has the franc.

Three different cities in Europe — Stockholm, Lyon and Luxembourg — additionally declined on the record.

Two cities in Switzerland made the list, one of which was Geneva.

Two cities in Switzerland made the record, considered one of which was Geneva.

Adobe Inventory

A primary-ever winner

Though it looks like New York Metropolis ought to have topped the record by now, that is the primary time the largest metropolis within the US has landed in first place — albeit in a tie with frequent winner Singapore.

Two different American metropolises additionally made the highest 10 — Los Angeles in a tie for fourth place with Hong Kong and San Francisco in eighth.

In complete, 22 of the 172 cities the EIU tracks yearly are within the US, together with Portland, Boston, Chicago and Charlotte. Each single a type of 22 skilled an increase in inflation this 12 months.

In the meantime, final 12 months’s winner, Tel Aviv, fell to 3rd place.

How the record is made

With the intention to create the record, the EIU compares greater than 400 particular person costs throughout greater than 200 services and products in 172 cities. They survey a spread of companies, each excessive and low finish, to get a way of how a lot costs have fluctuated over the previous 12 months.

One other firm, the worldwide mobility agency ECA Worldwide, publishes its personal rankings of the world’s priciest cities yearly. The ECA record makes use of barely completely different methodology, on a regular basis bills like hire and the price of public transit and doesn’t embrace luxurious merchandise in its calculations.

Its record, revealed in June, awarded Hong Kong the title of most costly metropolis for the third 12 months straight and New York in second. Nonetheless, the ECA’s record leans closely towards large cities in Asia, as Seoul, Shanghai and different East Asian city facilities all landed within the high 10.

The EIU record is benchmarked in opposition to costs in New York Metropolis, therefore cities with currencies which might be stronger in opposition to the US greenback are more likely to seem larger within the rankings.

The world’s 10 most costly cities to stay in 2022

1. New York and Singapore (tie)

3. Tel Aviv, Israel

4. Hong Kong and Los Angeles (tie)

6. Zurich, Switzerland

7. Geneva, Switzerland

8. San Francisco, California

9. Paris, France

10. Copenhagen, Denmark

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