Three U.S. cities are among the top 10 most expensive places to live in the world, according to the latest cost of living survey. report From the Economist Intelligence Unit (EIU).
2023 Global Cost of Living Report, produced by economist The publication’s sister division ranks New York City as the third most expensive city, down from last year’s first place tied with Singapore.
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The city-state of Singapore remains number one, but is now tied with Switzerland’s Zurich.
The other two American cities on the list are both in California.
Los Angeles and San Francisco came in 6th and 10th place, respectively.
While multiple U.S. cities made the top 10 list, North American cities on average dropped in ranking compared to 2022.
The study was conducted from mid-August to mid-September and compared “400 individual prices across 200 products and services in 173 cities.”
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According to the study, prices across major cities have increased by an average of 7.4% since 2022.
In the expanded top 20 list, Western European cities took up about half of the spots, “mainly due to rising interest rates and rising prices.” according to to business insider.
According to the latest U.S. Consumer Price Index, each state saw be 3.2% increase compared to the previous year For October.
As a result of economic sanctions imposed by Western countries, the Russian cities of Moscow and St. Petersburg have seen the biggest declines in their EIC rankings. The capital fell 105 places to 142nd place, and St. Petersburg fell 74 places to 147th place.
Four Chinese cities, including Beijing, were also among the 10 worst-performing cities in the ranking as “the renminbi depreciated amid a slow post-pandemic economic recovery, ending decades of China’s growth.” Ta. insider reported that the country is also facing a real estate market crisis.
At the bottom of the ranking is Damascus, Syria. Tehran, Iran. Buenos Aires, Argentina; and Chennai, India.