New York, Sydney, San Francisco: World’s 10 most expensive cities to live in 2022
US cities ranked higher on list of world's most expensive to live in this year
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New York City and Singapore were ranked the most expensive cities to live in the world, according to a new report.
The Worldwide Cost of Living survey by the Economist Intelligence Unit (EIU) compares more than 400 prices across 200 products and services and over 172 cities.
This is the first time New York has made the list, with both cities knocking Tel Aviv out of the top spot due to rising inflation and stronger currencies.
On the West Coast, Los Angeles rose from the ninth slot to the fourth and San Francisco is ranked the eighth most expensive.
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The Manhattan skyline is seen at sunrise from the 86th floor observatory of the Empire State Building on April 3, 2021, in New York City. ((Photo by Angela Weiss/AFP via Getty Images) / Getty Images)
U.S. cities placed higher this year due to the strong dollar, including San Diego and Boston.
Comparatively, Damascus and Tripoli remain the cheapest of the cities.
The Supertree Grove is illuminated during the Gardens by the Bay, Light and Sound show on July 2, 2012, in Singapore. (Photo by Chris McGrath/Getty Images) ((Photo by Chris McGrath/Getty Images) / Getty Images)
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While prices around the world have risen by an average of more than 8% in local-currency terms over the past year – the fastest rate in at least two decades – the EIU said inflation would likely start easing soon.
Large waves pound the San Diego coastline, closing piers and prompting high surf advisories along city beaches on January 11, 2021, in San Diego, California. ((Photo by Sean M. Haffey/Getty Images) / Getty Images)
It predicted that global inflation will fall from an average of 9.4% this year to 6.5% in 2023.
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The highest inflation rate was in Caracas, where prices have risen by 132% since 2021.
These are the 10 most expensive cities to live in this year, according to the EIU's Worldwide Cost of Living survey:
1. New York, Singapore (tie)
3. Tel Aviv
4. Hong Kong, Los Angeles (tie)
6. Zurich
7. Geneva
8. San Francisco
9. Paris
10. Copenhagen, Sydney (tie)