New York: According to an annual poll, New York is the most expensive city, a distinction it will share with Singapore, which has topped the list eight times in the last ten years. Sydney, Australia, has also made the top ten for the first time.
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New York declared the most expensive city, owing to growing energy prices and inflation in big cities
According to the Economist Intelligence Unit’s annual poll, New York will be the most expensive city in the world in 2022, owing to growing energy prices and inflation in big cities.
Singapore was the equal-second most expensive city in 2021, and it has been the most expensive city in eight of the last ten years.
The Big Apple was voted No. 1 for the first time this year, according to The Guardian, which cited the study.
While Sydney and Moscow made it into the Top 10 and Moscow and St. Petersburg in Russia rose 88 places, Tel Aviv fell to third.
Venezuela’s capital, Caracas, saw a price increase of 132% in 2022, which was significantly below the 2019 hyperinflation rate of more than 25,000% but remained too high to be included in the poll.
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The ‘currency factor’
A stronger currency was one factor moving cities up the rankings, in addition to gas prices and inflation rates. Six of the top eight climbers (after the two Russian cities) were US cities, led by Atlanta, which rose from 42nd to 46th in the 172-city poll.
The US dollar has risen strongly against practically all currencies since the US Federal Reserve raised interest rates and signalled further increases.
Cities in countries where the currency has fallen in value were among those slipping down the list of most expensive cities. Tokyo and Osaka in Japan were among the ten worst performers, finishing 37th and 43rd, respectively, down from 13th and 10th in 2021.
Stockholm and Luxembourg suffered the greatest losses, falling 38 places to 99th and 104th, respectively. Damascus, Syria, and Tripoli, Libya remained the cheapest cities surveyed.
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