NEW YORK (PIX11) – New York City is tied for first place as the most expensive city in the world to live in, according to a new report.
New York City tied with Singapore for the top spot on the Economist Intelligence Unit’s most recent Worldwide Cost of Living index. It’s the first time New York City has topped the rankings.
Both cities bumped Tel Aviv from the top spot to third place due to a stronger currency and higher inflation rate, according to the Economist Intelligence Unit.
Hong Kong, Los Angeles, Zurich, Geneva, San Francisco, Paris, Copenhagen and Sydney rounded out the top ten, with additional ties between a few of the cities.
The Economist Intelligence Unit’s latest Worldwide Cost of Living survey found that prices have risen by 8.1% on average over the past year in the world’s biggest cities. Researchers attributed the worldwide increase in prices to the war in Ukraine and continued COVID-19 restrictions in China.
“The war in Ukraine, Western sanctions on Russia and China’s zero-covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world,” Upasana Dutt, head of worldwide cost of living at the Economist Intelligence Unit, said in a statement.
Fortunately, researchers predict prices will start lowering within the next year.
“We expect prices to start easing over the coming year as supply bottle-necks start to ease and slowing economies weigh on consumer demand,” Dutt said.
The Worldwide Cost of Living survey tracked the prices of more than 200 goods and services in 172 cities worldwide. This year’s survey was conducted between Aug. 16 and Sept. 16.