Tied with Singapore, New York becomes the most expensive city in the world

You have to have a deep pocket to live in the Big Apple. New York is indeed, and for the first time, at the top of the ranking of the most expensive cities in the world, tied with Singapore, a regular in first place, propelled by the global crisis in the cost of living, according to the weekly The Economist.

“Prices have soared 8.1% on average over one year (in local currency) in 172 major cities around the world, the largest increase recorded for at least 20 years”, according to the 2022 cost of living report , published this Thursday by the British magazine. These increases reflect in particular the impact of “the war in Ukraine and the persistent restrictions linked to the pandemic (which) disrupt supply chains” and affect in particular “energy and food”.

Tel Aviv loses its throne

New York and Singapore – the city-state is at the top of the ranking for the eighth time in ten years – dethroned Tel Aviv, the cultural and economic heart of Israel, which topped the ranking last year.

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 converting prices into US currency: its rise therefore translates mechanically into higher prices. low outside the United States. Los Angeles thus climbs to fourth place and San Francisco to eighth.

Paris loses four places, Lyon tumbles

Moscow and St. Petersburg have also seen their prices soar and jump in the rankings – the Russian capital climbs 88 places to 37th position – under the effect of Western sanctions and a dynamic energy market which supports the ruble , relieves The Economist. But most other European cities are falling, as the energy crisis and weakening economies have weighed on the euro and local currencies. Paris thus loses four places, to ninth position, while Lyon tumbles 34 places, to 90th.

The fastest price increases were for gasoline (as in 2021), which rose 22% in local currency on the heels of crude prices, but also for electricity, food and utilities. basic household items. By contrast, leisure prices remained subdued, “which may reflect weaker demand as consumers focus spending on essential goods,” according to The Economistwhich is based on a survey carried out between August 16 and September 16.

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