• For the first time, New York is at the top of the list. Tel Aviv, which topped the list last year, is now ranked third.
• According to the EIU poll, the cost of living has increased 8.1% overall this year in the world’s largest cities.
• The impact of Covid on supply chains and the conflict in Ukraine were cited as contributing causes.

According to the yearly Economist Intelligence Unit (EIU) assessment, New York and Singapore are the two most expensive cities in the world.

For the first time, New York is at the top of the list. Tel Aviv, which topped the list last year, is now ranked third.

According to the EIU poll, the cost of living has increased 8.1% overall this year in the world’s largest cities.

The impact of Covid on supply chains and the conflict in Ukraine were cited as contributing causes.

Istanbul experienced the most inflation, with prices rising by 86%, followed by Buenos Aires (64%) and Tehran (57%).

One of the factors that led to New York topping the list was the US’s high rate of inflation.

Los Angeles and San Francisco also reached the top 10, with US inflation reaching its highest level in more than 40 years earlier this year.

The popularity of US cities was also influenced by the increasing dollar.

Moscow and St. Petersburg moved up in the rankings by 88 and 70 spots, respectively, to positions 37 and 73, in part due to Western sanctions enacted in response to Russia’s invasion of Ukraine.

In 173 cities, the poll analyses prices for products and services in US dollars. This year’s review did not mention Kiev.

More than 400 specific prices for more than 200 goods and services from 172 places throughout the world were compared by the EIU.

The research’s principal investigator, Upasana Dutt, stated that supply-chain issues have been brought on by the conflict in the Ukraine, Western sanctions on Russia, and China’s zero-COvid policies.

“This has led to a cost-of-living problem around the world, together with rising interest rates and fluctuating exchange values,” Ms. Dutt continued.

The average price increase in all 172 of the cities included in the EIU survey, according to the speaker, has been “the strongest we’ve observed in the 20 years for which we have digital data.”