The Economist released its Worldwide Cost of Living 2022 report today. The report revealed that there are big changes in the list of the world’s most expensive cities this year.
In many researches shared so far, we have seen that Hong Kong is the most expensive city in the world to live in. However, the latest report shared by the UK-based The Economist, one of the world’s leading media companies, revealed that this situation has changed. Worldwide Cost of Living 2022 The report was published this morning.
According to the report, which covers a total of 173 cities, the title of the most expensive city in the world, From Tel Aviv to Singapore and New York. Paris, which was in the second place last year, fell to the ninth place this year.
The most expensive cities in the world:
- Singapore/New York, USA
- Tel Aviv, Israel
- Hong Kong, China
- Los Angeles, USA
- Zurich, Switzerland
- Geneva, Switzerland
- San Francisco, USA
- Paris, France
- Copenhagen, Denmark
- Sydney, Australia
Which are the cheapest cities in the world?
- Damascus, Syria
- Tripoli, Libya
- Tehran, Iran
- Tunisia, Tunisia
- Tashkent, Uzbekistan
The Ukrainian war made its impact felt on the economy:
According to data shared by The Economist, the cost of living in 172 cities increased by 8.1% in 2022. The main reason for this increase is war in ukraine it happened. The war brought supply chain problems with it.
If one of the biggest increases in the cost of living in the USA seen. Only the city of San Francisco ranked seventh this year on the list, where it was 24th last year.
Attention was also drawn to inflation in Turkey:
economist, in Istanbul, Buenos Aires and Tehran He also highlighted the high inflation rate. On the other hand, the highest increase in inflation was seen in Caracas, Venezuela. In Caracas, inflation increased by 132% in one year.
Europe is struggling with rising prices:
European cities have seen high rises in gas and electricity prices, driven by Russia’s decisions in the wake of the Ukraine war. Prices rose an average of 29%. The worldwide average increase was 11%.
How is the cost of living determined?
The Economist, in its research every year, includes more than 200 products in August – September. More than 400 prices It compares among 172 world cities.
You can find the summary of The Economist’s report here.