New York and Singapore are the world’s most expensive cities in 2022 as soaring energy prices double inflation in major cities around the world. Damascus (the capital of Syria) and Tripoli (the capital of Libya) remain the lowest cost of living among the 172 cities surveyed.
The survey tracks the prices of more than 200 goods and services in 172 cities worldwide from Aug. 16 to Sept. 16, 2022. A stronger currency tends to move a city up in the rankings because prices are higher when expressed in a common international currency. Structural factors such as competition or high demand also play a key role in determining the cost of living. Because the survey converts local currency prices into U.S. dollars to calculate each city’s index, the rankings are also influenced by the exchange rate against the U.S. dollar.
The survey showed that home prices in the world’s largest cities rose by an average of 8.1 percent in local currency terms over the past year, the fastest rate of growth in at least 20 years. Inflation in food and household goods is also high amid trade restrictions, partly due to the war in Ukraine. Prices for entertainment products and services have been lower, which may reflect weaker demand as consumers focus on necessities. We forecast that commodity prices, such as energy, food and metals could fall significantly in 2023.
Mickey:
Could not believe Atlanta was in the top 50!
Sydney was much less surprising.
The information about the Budget is now in the past tense.
The 1 January policies for the Australian Labor Party in government seem to be going well.
Yes – ten dollars for bok choy.
Atlanta is actually is quite a friendly city. I’ve been there once for travel. Atlanta is the ninth largest metropolitan area in the country and the 10th largest economy in the United States.