According to an analysis by the British magazine “Economist”, New York and Singapore are the most expensive cities. Tel Aviv fell from the top spot to 3rd place, according to the published analysis.
No German city was among the ten most expensive municipalities, with Zurich (6) and Geneva (7) being two Swiss cities, as calculated by the Economist Intelligence Unit.
The magazine emphasized that because of the Russian war against Ukraine and the corona rules in China, prices worldwide have risen faster than they have in 20 years – by an average of 8.1 percent. Life became significantly more expensive in Moscow and St. Petersburg. They rose by 88 and 70 places in the ranking due to the consequences of western sanctions.
Large western cities were also affected by the consequences of the war. The price of gas and electricity has risen by an average of 29 percent, which is significantly more than the global average (11 percent). The Venezuelan capital Caracas experienced the highest inflation at 132 percent; in the country there has been hyperinflation. It is still cheapest in Syrian Damascus and in Libyan Tripoli.
EIU notice
