Photo: VNA.
Compared to last year's ranking, Zurich (Switzerland) has surpassed New York (USA) to be on par with Singapore - the city that has "stood" for many years as the most expensive city in the world in terms of living costs .
The list of the world's most expensive cities after the three cities mentioned above also includes Geneva (Switzerland), Hong Kong Special Administrative Region (China), Los Angeles (USA), Paris (France), Copenhagen (Sweden) and Tel Aviv, Israel. The US also has one more city in the top 10 list: San Francisco.
According to experts from The Economist Intelligence Unit (EIU), an arm of The Economist, consumer prices rose by an average of 7.4% in 173 major cities last year, slightly lower than the record inflation rate of 8.1% in 2022. This calculation is based on the prices of 200 goods and services.
Upasana Duttare, who heads The Economist’s consumer price index, says the cost of living crisis is far from over and prices will remain much higher than during the previous price crisis. She expects inflation to slow in 2024 thanks to central banks raising interest rates.
Also according to The Economist's ranking, the capital Damascus of Syria is the city with the cheapest cost of living in the world, followed by Tehran (Iran).
According to VNA
Source
Comment (0)