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New York rises to the top of the most expensive cities in the world for the first time.
INTERNATIONAL – A ranking turned upside down by inflation. New York tops the rankings of the world’s most expensive cities for the first time, tied with Singapore, regular first, fueled by the global cost of living crisis, according to weekly The Economist.
“Prices rose by an average of 8.1% year-on-year (in local currency) in 172 major cities around the world, the largest increase in at least 20 years,” says the 2022 Cost of Living Report published this Thursday. 1 December by the UK Magazine.
In particular, these increases reflect the impact of “the war in Ukraine and the ongoing restrictions related to the pandemic (which disrupt supply chains)” and concern “energy and food” in particular. New York and Singapore – the city-state tops the rankings for the eighth time in a decade – dethroned Tel Aviv, the cultural and economic heart of Israel, which topped the rankings last year.
Paris loses places, Moscow flies away
The strength of the dollar in recent months, a safe haven in times of crisis, has pushed US cities up the rankings because this is done after prices have been converted into US currency: its rise therefore automatically translates into higher prices.
Los Angeles climbs to fourth place and San Francisco to eighth place. Also surprise with Moscow and Saint Petersburg, whose prices are skyrocketing and jumping in the rankings – the Russian capital gains 88 spots to No. 37 – under the impact of Western sanctions and a dynamic energy market supporting the ruble, notes The Economist.
But most other European cities are falling as the energy crisis and weakening economies weighed on the euro and local currencies. Paris thus loses four places to ninth place, while Lyon falls 34 places to 90th place.
The fastest price increases were for gasoline (as in 2021), which rose 22% in local currency after crude oil prices, but also for electricity, food and supplies.
In contrast, leisure prices remained subdued, “which may reflect weaker demand as consumers focus spending on essentials,” according to The Economist, based on a survey conducted between August 16 and September 16 became.
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