The Economist wrote the most expensive cities in the world: Istanbul is also on the list

Data for 2022 from the “World’s Most Expensive Cities” study by the Economist Research Unit (EIU), the research and analysis arm of The Economist, have been released.

Consequently, New York and Singapore became the most expensive cities in the world. Istanbul, the largest city in Turkey, took its place among the cities with the highest cost of living.

INFLATION IN THE MAIN CITIES 8.1 PERCENT

According to The Economist’s ‘Worldwide Cost of Living’ report, the cost of living in the world’s 172 largest cities increased by 8.1 percent on average compared to last year. Factors such as the war in Ukraine, the energy crisis and supply chain problems were effective in this increase.

Singapore

While Tel Aviv, which was first in the ranking last year, fell to third place after New York and Singapore shared the top spot this year, Hong Kong and Los Angeles followed these cities. Price increases in Asian cities were limited to 4.5 percent compared to the rest of the world.

ISTANBUL IS ALSO ON THE LIST

Cities like Istanbul, Buenos Aires and Tehran are suffering from extremely high inflation, according to the report. According to EIU research, prices have risen 86 percent in Istanbul, 64 percent in Buenos Aires and 57 percent in Tehran, in local currency terms since last year.

A grocery store in Istanbul…

On the other hand, fuel prices were reported to have risen 148 percent and 189 percent, respectively, in local currency terms in Istanbul and Colombo, the capital of Sri Lanka, where falling exchange rates made fuel much more expensive. imported oil.

THE HIGHEST INFLATION IN CARACAS

The highest inflation was recorded in Caracas, Venezuela, where prices increased 132 percent in local currency since last year. Venezuelan cities were excluded from the global average due to excessively high inflation.

Caracas, the capital of Venezuela

The report indicated that the most expensive product in large cities is fuel oil with 22 percent. Electricity and basic household items were also the products that increased the most. Prices for entertainment services decreased globally due to lower demand.

HERE ARE THE 10 MOST EXPENSIVE CITIES IN THE WORLD

These are the 10 most expensive cities in the world:

1- Singapore, Singapore – New York, USA.

3- Tel Aviv, Israel

4-Hong Kong, China

5- Los Angeles, United States

6- Zurich, Switzerland

7- Geneva, Switzerland

9- Paris, France

10- Copenhagen, Denmark – Sydney, Australia

THE HIGHEST INFLATION OF THE LAST 20 YEARS

Upasana Dutt, EIU director of cost of living research, said:

“The war in Ukraine, Western sanctions against Russia, China’s zero covid policy and rising interest rates; Combined exchange rate changes with supply chain issues. This has caused a cost of living crisis around the world.

We can see the impact of these developments in this year’s index. The average price increase across the 172 cities in our survey is the strongest we’ve seen in the last 20 years for those of us with digital data.”

OTHER IMPORTANT FINDINGS

Other important findings of the study include the following:

* The capital of Syria, Damascus, and the capital of Libya, Tripoli, are the cheapest cities in the world.

* San Francisco jumped from 24th to eighth last year.

* China’s six most expensive cities moved up the rankings, with Shanghai entering the top 20.

* Sydney broke into the top 10 as strong exports revived the Australian dollar.