New York topped - for the first time - the ranking of the most expensive cities in the world, along with Singapore, which is used to occupying the first place. Due to the crisis of the global high cost of living, according to what was reported by "The Economist" magazine.
And according to the 2022 report on the cost of living published by the British magazine - today, Thursday - that "prices increased by an average of 8.1% on an annual basis (in local currency) in 172 major cities in the world, which is the largest increase recorded in at least 20 years."
This rise reflects the impact of "the war in Ukraine, and the ongoing restrictions associated with the Corona epidemic, which disrupt supply chains," and affects - in particular - "energy and food."
The strength of the dollar in recent months - being a safe haven in times of crisis - has pushed American cities to the highest ranks in the rankings. Because this happens after converting prices into the US currency, and then its rise leads - automatically - to lower prices outside the United States.
Thus, Los Angeles reached the fourth place, and San Francisco the eighth.
Moscow and St. Petersburg saw prices soar, jumping in the rankings; The Russian capital has reached 37th place under the influence of Western sanctions, and the booming energy market, which supports the ruble, said The Economist.
But most other European cities are in decline, as the energy crisis and weak economies have taken a toll on the euro and local currencies. Thus, Paris lost four places, to reach the ninth place, while Lyon fell 34 places, to reach the 90th place.
And the fastest price hike was in fuel (as it happened in 2021), which rose by 22% in local currency amid higher oil prices, but electricity, food and basic materials also rose.
On the other hand, the prices of entertainment activities remained moderate, "which reflects weak demand, as consumers focus their spending on basic commodities," according to The Economist, which is based on the results of a study it conducted between August 16 and September 16.