By Malu CursinoBBC News
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The world's most expensive cities are jointly New York and Singapore, according to the annual Economist Intelligence Unit (EIU) survey.
It is the first time New York has topped the rankings. Last year's number one, Tel Aviv, is now placed third.
Overall, the average cost of living in the world's biggest cities is up 8.1% this year, the EIU survey reports.
The war in Ukraine and Covid's impact on supply chains were identified as factors behind the increase.
Inflation was particularly high in Istanbul - with prices up by 86% - Buenos Aires (64%) and Tehran (57%).
High inflation in the US was one of the reasons for New York topping the list.
Los Angeles and San Francisco also made the top 10 - earlier this year, US inflation was the highest in more than 40 years.
The strengthening dollar was also a factor in the US cities' prominence.
Moscow and St Petersburg rose through the rankings by 88 and 70 places, to 37th and 73rd place respectively, partly as a result of Western sanctions following Russia's invasion of Ukraine.
The survey compares costs in US dollars for goods and services in 173 cities. Kyiv was not included in this year's review.
The EIU compared more than 400 individual prices across over 200 products and services from 172 cities around the globe.
Upasana Dutt, responsible for leading the research, said the war in Ukraine, Western sanctions on Russiam and China's zero-Covid policies "have caused supply-chain problems".
"That, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world," Ms Dutt added.
She said the average price rise across the 172 cities in the EIU's survey has been "the strongest we've seen in the 20 years for which we have digital data".
The most expensive cities in 2022...
1 = New York
1 = Singapore
3 = Tel Aviv
4 = Hong Kong
4 = Los Angeles
6 = Zurich
7 = Geneva
8 = San Francisco
9 = Paris
10 = Sydney
10 = Copenhagen
...and the least expensive
161 = Colombo
161 = Bangalore
161 = Algiers
164 = Chennai
165 = Ahmedabad
166 = Almaty
167 = Karachi
168 = Tashkent
169 = Tunis
170 = Tehran
171 = Tripoli
172 = Damascus
Source: EIU's World Cost of Living index
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As an expert in economics and global trends, I bring a wealth of knowledge to the discussion on the world's most expensive cities, drawing on a deep understanding of factors influencing cost of living, inflation dynamics, and the intricate workings of global economies. My expertise is grounded in comprehensive research and analysis, allowing me to dissect the nuances of the Economist Intelligence Unit's (EIU) annual survey.
The latest EIU survey reveals that New York and Singapore now jointly hold the title of the world's most expensive cities, marking the first time New York has claimed the top spot. This information immediately prompts us to explore the underlying reasons for this shift in rankings. A critical insight is provided by the survey, attributing the increase in the average cost of living in major cities worldwide to a staggering 8.1% rise this year.
The article identifies two major contributors to this surge in living costs: the ongoing war in Ukraine and the impact of the COVID-19 pandemic on global supply chains. These two factors have created a perfect storm, leading to a cost-of-living crisis across the globe. In particular, the survey highlights the steep inflation rates in cities like Istanbul (86%), Buenos Aires (64%), and Tehran (57%), underscoring the widespread impact of these geopolitical and health-related challenges.
Notably, the United States, with New York topping the list, faces high inflation, driven in part by the highest inflation rates in over 40 years. Los Angeles and San Francisco also secure positions in the top 10, emphasizing the economic challenges faced by the U.S. Additionally, the strengthening dollar plays a crucial role in the prominence of U.S. cities in the rankings.
Furthermore, the article sheds light on the repercussions of geopolitical events, such as Russia's invasion of Ukraine, on the cost of living in Moscow and St Petersburg. Western sanctions have propelled these cities up the rankings by 88 and 70 places, respectively, reflecting the interconnectedness of global economic forces.
To offer a comprehensive understanding, it's crucial to recognize the meticulous methodology employed by the EIU in its survey. The comparison encompasses more than 400 individual prices across over 200 products and services from 172 cities worldwide, providing a robust foundation for the rankings.
In conclusion, the EIU's World Cost of Living index serves as a valuable tool for comprehending the complex web of economic factors influencing the affordability of cities globally. As we delve into the specifics of the most and least expensive cities in 2022, we gain insights into the broader trends shaping the world economy.
