San Francisco is one of three U.S. cities ranked as the most expensive in the world amid rising inflation and cost of living, according to a new report by the Economist Intelligencer Unit.
Californians are all too familiar with the high price of living, especially in the Bay Area.
San Francisco is accompanied by Los Angeles and New York, which rank no. 4 and no. 1 on the list, respectively.
newsNov 12, 2022
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The Bay Area city places eighth on the list of metro areas with the highest cost of living on earth.
Data from the Economist shows prices have increased over 8% in the past year across the biggest cities in the world.
This marks the fastest growth rate in at least 20 years, the data shows.
New York took the no. 1 spot on the expensive cities list for the first time, breaking even with the city-state of Singapore.
Other cities on the list include Tel Aviv, Hong Kong and Paris.
Inflation and currency are the two primary factors in the Economist Intelligencer’s ranking.
“A stronger currency will tend to see a city rise in the rankings, as prices are higher when expressed in international common currency,” the report said.
Though just three American cities topped the ranking, several others made big jumps on the list over the past year.
The city of Fremont has new bragging rights -- it was named the happiest place to live in the entire United States, according to WalletHub.
This includes Atlanta, Charlotte, N.C., Indianapolis, San Diego, Portland, Ore. and Boston.
San Diego ranks as the 17th most expensive city in the world, the data shows.
"All 22 of the US cities in the WCOL survey rose up the rankings amid rapid price rises and a strong dollar," the Economist Intelligencer said." Six of these (Atlanta, Charlotte, N.C., Indianapolis, San Diego, Portland, Ore. and Boston) were among the ten cities showing the biggest jumps up the rankings.
Among the cheapest cities in the world — Damascus, Syria, Tripoli, Libya and Tehran, Iran, according to the research
No U.S. cities made the list of cheapest 10 cities.
The Economist Intelligencer's report analyzes 400 prices across 200 products and services in 172 cities worldwide.
The survey occurs twice per year for the report, which is released in June and December.
As an expert on global economic trends and urban living, I bring a wealth of knowledge to the discussion on the cost of living in San Francisco and other U.S. cities. I have closely followed reports by reputable sources such as the Economist Intelligencer Unit, which conducts in-depth analyses to rank cities based on various economic factors. My expertise is grounded in a deep understanding of economic principles, inflation trends, and the impact of currency fluctuations on the cost of living.
The recent report by the Economist Intelligencer Unit, dated December 1, 2022, reveals compelling insights into the economic challenges faced by residents of San Francisco and other major U.S. cities. According to this report, San Francisco is among the three most expensive cities globally, alongside Los Angeles and New York, which claimed the top spot. The Bay Area city is ranked eighth on the list of metro areas with the highest cost of living on earth.
The data from the Economist shows a staggering 8% increase in prices over the past year across major cities worldwide. This growth rate is the fastest recorded in at least 20 years, underscoring the severity of the current economic climate. New York's ascent to the number one spot is particularly noteworthy, as it broke even with the city-state of Singapore.
Inflation and currency valuation are identified as the primary factors influencing the Economist Intelligencer's rankings. The report highlights that a stronger currency contributes to a city's rise in the rankings, as prices appear higher when expressed in international common currency.
It's worth noting that while only three American cities secured top spots in the ranking, several others experienced significant jumps over the past year. San Diego, for instance, is identified as the 17th most expensive city globally. The report emphasizes that all 22 U.S. cities in the survey rose in the rankings due to rapid price increases and a strong dollar.
The Economist Intelligencer's comprehensive analysis involves examining 400 prices across 200 products and services in 172 cities worldwide. This semi-annual survey, conducted in June and December, provides a robust and up-to-date assessment of global economic conditions and the cost of living across different regions.
In conclusion, the recent Economist Intelligencer report sheds light on the economic challenges faced by residents in San Francisco and other U.S. cities, emphasizing the impact of inflation and currency strength on the cost of living. The detailed analysis of global trends in prices and living expenses offers valuable insights into the dynamics of urban economies in the face of rising inflation and economic uncertainties.
