Three US cities are included in the list of the 10 most expensive places to live in the world
Three US cities ranked among the world's top XNUMX most expensive cities in the latest global cost of living report from the Economist Intelligence Unit (EIU). Writes about this Business Insider.
New York, which shared the top spot with Singapore last year, took third place on the new list, while Singapore retained its place at the top, joined by Zurich (Switzerland).
Los Angeles and San Francisco, California, hit hard by the nation's housing crisis, ranked sixth and tenth, respectively.
Although three U.S. cities made the top ten, on average North American cities fell in the rankings compared to the previous year.
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The study, which was conducted from August 14 to September 11, 2023, compared “400 prices of 200 goods and services in 173 cities.”
The results revealed that, overall, prices in major cities around the world rose by an average of 7,4% over the past year, which is less than the 8,1% increase in the previous year, but much higher than the 2,9% average for the previous year. five years before that.
The latest U.S. consumer price index for October showed a 3,2% increase from the previous year.
Western European cities took up about half of the index's top 20 spots, thanks largely to rising interest rates and rising prices.
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Four Chinese cities, including Beijing, were among the top XNUMX laggards as the yuan weakened and the country's decades-long economic expansion came to an end amid a slow economic recovery from the pandemic. The country is also experiencing a crisis in the real estate market.
However, the biggest drops in the rankings occurred in Moscow and St. Petersburg (Russia), as Western sanctions led to the collapse of the ruble against the dollar.
The Russian capital was 105 places lower - at 142nd, and St. Petersburg fell 74 places - at 147th.
The cheapest cities in the world included Damascus (Syria), Tehran (Iran), Buenos Aires (Argentina) and Chennai (India).
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