Zurich and Singapore ranked most costly cities on the earth by The Economist | EUROtoday

Published on : 11/30/2023 – 10:56

2 minutes

Zurich and Singapore share first place as the most costly cities on the earth. Zurich thus dethrones New York, which appeared on the prime of the rating final 12 months alongside Singapore, based on a rating printed Thursday, November 30 by the weekly The Economist.

See additionallySingapore, inexperienced metropolis

The British journal estimates that costs elevated by 7.4% over one 12 months on common within the 173 cities studied, a slight slowdown in comparison with inflation of 8.1%, a file, recorded in 2022.

“The cost of living crisis is far from over and price levels remain well above historical trends,” notes Upasana Dutt, head of the research, which relies on the worth of 200 services. .

“We expect inflation to continue to decelerate in 2024,” she provides, as a result of impact of rate of interest will increase determined by central banks to fight value will increase.

Europe ranks 4 cities among the many prime 10, resulting from continued excessive inflation in meals and clothes, in addition to the appreciation of the euro towards the greenback.

Paris is available in seventh place among the many most costly cities on the earth

This classification is carried out in {dollars} and due to this fact after conversion of the currencies of the completely different nations into dollars. An improve within the euro towards the greenback routinely interprets into larger costs within the euro zone, which favors the area's cities.

Besides Zurich, Geneva is in third place (tied with New York), Paris is available in seventh (up two locations), forward of Copenhagen which is eighth, tied with Tel Aviv, which was on the prime of the rating in 2021.

On the opposite hand, American cities have declined, like Los Angeles (sixth) and San Francisco (tenth).

The greatest drop within the rating considerations the Russian cities of Moscow (142^e) and St. Petersburg (147^e), resulting from a weakening of the ruble, ensuing from sanctions determined following the invasion of Ukraine.

The least expensive metropolis on the earth is Damascus, simply behind Tehran, penultimate within the rating.

With AFP