Zurich and Singapore Named Most Expensive Cities in the World
Zurich and Singapore have been named the most expensive cities in the world, surpassing New York, according to a ranking published by the weekly The Economist. The ranking highlights the increase in prices worldwide, with the cost of living crisis continuing.
The ranking also highlights the increases of three Latin American cities – Santiago de Querétaro and Aguascalientes in Mexico, and San José in Costa Rica – due to the appreciation of their currencies and foreign investment.
According to the British magazine, prices rose on average by 7.4% in one year in the 173 cities studied, representing a slight brake on the record inflation of 8.1% registered in 2022. “The cost of living crisis is far from over and price levels remain well above historical trends,” said Upasana Dutt, head of the study.
“We foresee a continuation of the slowdown in inflation in 2024,” Dutt added, based on the effect of the high interest rates set by numerous central banks to stop price increases.
The Swiss city of Zurich dethroned New York, which was next to Singapore the previous year. In addition to Zurich, Geneva (Switzerland), Paris (France), and Copenhagen (Denmark) are also in the top ten. The American cities of Los Angeles and San Francisco also remain in the top ten, alongside Hong Kong.
The main advances in the ranking were made by Santiago de Querétaro, Aguascalientes, and San José, due to the appreciation of their currencies against the dollar.
On the other hand, the biggest drop affects the Russian cities of Moscow and Saint Petersburg due to the depreciation of the ruble due to Western sanctions after the invasion of Ukraine.
The cheapest city according to the study is Damascus, with Tehran just behind. The Argentine capital Buenos Aires appears at the bottom of the ranking as the tenth most economical city.AFP.