New York ranked costliest metropolis together with Singapore, Sydney at 10

New York and Singapore rank because the world’s costliest cities on account of robust currencies and better inflation charges globally, an Economist Intelligence Unit survey mentioned.

New Delhi,UPDATED: Dec 2, 2022 09:28 IST

New York was named the world’s joint costliest metropolis in 2022 by Economist Intelligence Unit’s Worldwide Cost of Living report (File)

By India Today Web Desk: An annual survey has ranked New York as the costliest metropolis, a title the US metropolis will share with Singapore, which has topped the listing eight instances within the final 10 years. Sydney in Australia, has additionally snuck into the highest 10 for the primary time.

According to the Economist Intelligence Unit’s annual survey, New York was the world’s costliest metropolis in 2022 amid hovering power costs and inflation throughout main cities.

(Photo: Reuters)

Singapore was the equal-second costliest metropolis in 2021 and has been No 1 in eight of the previous 10 years.

(Photo: Reuters)

This 12 months was the primary time the Big Apple has been ranked No 1, The Guardian reported, citing the survey.

While Sydney snuck into the Top 10 and Moscow and St Petersburg in Russia scaled the rankings by as a lot as 88 locations, Tel Aviv dropped to 3rd.

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Venezuela’s capital, Caracas, with its 132 per cent value improve in 2022, was effectively down on the 2019 hyperinflation charge of greater than 25,000 per cent however remained too excessive to be included within the survey.

Apart from gasoline costs and inflation charges, a stronger forex was additionally one issue driving cities up the rankings. Six of the eight highest climbers (after the 2 Russian cities) had been US cities, led by Atlanta, which went from forty second to forty sixth within the rankings of the 172 cities surveyed. The US greenback has strengthened sharply in opposition to nearly all currencies because the US Federal Reserve hiked rates of interest and signaled extra rises to come back.

Cities in nations the place their forex slumped featured amongst these dropping down the listing of costliest cities. Japan’s Tokyo and Osaka had been among the many 10 largest drops, ending at thirty seventh and forty third, respectively, down from thirteenth and tenth in 2021.

Stockholm and Luxembourg dropped essentially the most, each dropping 38 locations to 99th and 104th, respectively. Damascus in Syria and Tripoli in Libya retained their slots as the most cost effective cities surveyed.

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Published On:

Dec 2, 2022