The research and analysis department of the Economic Group, EIU, has named the world’s 10 most expensive cities in a recent study.
In the past year, the price has averaged 8.1 percent in 172 major cities worldwide. This is the biggest price increase in over 20 years.
For shared first place we find New York, which shares the place with Singapore. The two cities have bumped Tel Aviv down to third place, due to a stronger currency and higher inflation.
In joint fourth place came Hong Kong and Los Angeles.
In sixth place came the Swiss city of Zurich, while Geneva came in seventh. San Francisco came in eighth place.
In ninth place came Paris, while Copenhagen came in shared 10th place with Sydney in Australia.
Price search in Russia
The Russian cities of Moscow and St. Petersburg moved up 88 and 70 places, to 37th and 73rd place respectively. This is mainly due to the sanctions against the country after the invasion of Ukraine.
I follow the survey, inflation in Moscow is up 17.1 percent on an annual basis, while in St. Petersburg is up 19.4 percent.
Otherwise, the cities of Istanbul, Buenos Aires and Tehran also had very high inflation.
The biggest price increase was for the price of a liter of petrol, which has increased by 22 per cent year-on-year on average in local currency.
EIU compares more than 400 individual prices of over 200 products and services from 172 cities around the world.