List of world’s most expensive cities altered by war in Ukraine

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The list of the most expensive cities to live in, compiled annually by the London-based Economist Intelligence Unit as part of the Global Living Costs Survey, has seen dramatic changes this year, especially as a result. Of the effects of war. In Ukraine.

Moscow and St. Petersburg, the most populous cities in Russia, saw the sharpest increases in the ranking of any city included. Moscow rose from 72nd last year to 37th in 2022. In contrast, many cities in Western Europe rose slightly as currencies and economies declined, despite rising gas and electricity prices as a result of the war. Kyiv, the capital of Ukraine, is not on this year’s list.

Ordinary suspects New York and Singapore ranked first, driven by higher incomes and a stronger US dollar. Tel Aviv, which topped the charts last year, slipped to third place by Los Angeles and Hong Kong. Behind at number four.

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The 2022 edition compares the cost of living in 172 cities by analyzing the prices of more than 200 goods and services, including rents, utility bills and groceries. The survey recorded an 8.1 percent increase in global inflation over the past year, the highest since the EIU began tracking nearly two decades ago.

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Economists attribute the global livelihood crisis, in part to the war in Ukraine, along with restrictions on Kovid-19 in China, other effects of epidemics, supply chain problems, climate change and the effects of inflation. Myself.

Upasana Dutt, who led the cost of living survey this year and last, said the war in Ukraine was one of two major factors, along with the epidemic.

“What we are noticing is a blockage in the supply chain, and it happened by “Because of the war.” “Without war, such unrest would not have been possible,” he said. It will be more limited. ”

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As epidemic easing eased, rising demand for goods met with a series of stagnation in the supply chain, leading to higher inflation, Dutt said. Western sanctions on Russia “have an impact on the supply of goods everywhere.”

The report notes the impact in other European cities, where Russia’s efforts to reduce its energy dependence have led to a 29 percent increase in gas and electricity prices in some regions compared to the average increase. Globally, 11 percent.

Globally, utility bills rose an average of 11 percent and car prices rose an average of 9.5 percent in the local currency, according to the EIU. The strongest price increase noted by the report was for a liter of oil, which rose an average of 22 percent.

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European cities of Luxembourg, Stockholm, Brussels, Lyon, France; And Manchester, England; Formed five of the top 10 cities that have fallen the most in the rankings this year as a result of the economic downturn due to the energy crisis.

In the United States, 22 cities rose after a sharp rise in prices. Cities including Atlanta, Charlotte, Indianapolis, San Diego and Boston all saw rising living costs – among the top 10 largest increases recorded worldwide.

While Istanbul, Buenos Aires and Tehran experienced higher inflation, the highest recorded inflation rate was in Caracas, Venezuela, where living costs rose 132 percent last year.

The report expects some relief in 2023 if commodity prices “fall sharply” as long as the war continues. Ukraine is not growing.

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