New York and Singapore named the most expensive cities in the world

The Economist Intelligence Unit has published its annual report on the cost of living in the world's largest cities in 2022, according to Bloomberg. The report included 172 cities whose cost of living rose by an average of 8.1% over the past year. Analysts cite SVO in Ukraine and problems with supply chains as the reason for this.

The most expensive were New York and Singapore. Tel Aviv, which led the rankings last year, is in third position. Hong Kong and Los Angeles rounded out the top five most expensive cities.

Tokyo and Osaka dropped to 24th and 33rd places respectively in the rankings due to the fact that in Asian cities, as a rule, there was no sharp increase in prices: the cost of living rose by an average of 4.5%.

The Syrian capital Damascus and Libyan Tripoli are named the cheapest of the major cities.

All six most expensive Chinese cities moved up in the rankings, with Shanghai in the top 20. Moscow and St. Petersburg moved up to 88th and 70th positions due to sanctions and high oil prices.

The study, which was conducted in August and September this year, compared more than 400 prices for more than 200 goods and services in 172 cities around the world.

The most expensive cities in the world in 2022

1-2. Singapore and New York, USA

3. Tel Aviv, Israel

4-5. Hong Kong, China and Los Angeles, USA

6. Zurich, Switzerland

7. Geneva, Switzerland

8. San Francisco, USA

9. Paris, France

10-11. Copenhagen, Denmark and Sydney, Australia