Clouds. 44.8   F New York
AI-Powered News Summarizer
Top Stories

World's most expensive cities to live in during Covid

November 17, 2020. Summarized by summa-bot.

Currency fluctuations and price of goods changes have seen European cities rocket to the top of the list.

But as we all know, metropolitan living comes at a cost -- especially if you pick Hong Kong, Paris or Zurich, which are the world's most expensive cities according to new research.

The Economist Intelligence Unit (EIU) -- which rates 133 global cities, and compares the price of a basket of 138 everyday items in each -- has ranked them as joint top of the table.

The European cities have leapfrogged over Singapore and Osaka, which tied with Hong Kong in the previous Worldwide Cost of Living Survey, carried out in March.

The changes are especially marked this time around, with the report doubling as an assessment of the impact of the Covid-19 pandemic on prices around the world.

Currency fluctuations due to the pandemic -- which have included a dip in the US dollar -- mean that destinations in Africa, the Americas and Eastern Europe have got less expensive since March, while western Europe, where the euro has risen in value against the dollar, has seen prices rise.

The world's most expensive cities

Singapore and Osaka are now down to fourth and fifth respectively, with Tel Aviv tying with Osaka in fifth place.

The top 10 is completed by Geneva, New York City, Copenhagen and Los Angeles.

The EIU attributes the Brazilian cities' rankings to "weak currency and rising poverty levels. " Brazil, of course, has suffered hugely during the pandemic.

The Argentinian government has introduced price controls during the pandemic, which could explain Buenos Aires' position.

The survey found that prices for electronics -- have increased globally.

"The Covid-19 pandemic has caused the US dollar to weaken while western European and north Asian currencies have strengthened against it, which in turn has shifted prices for goods and services" said Upasana Dutt, head of worldwide cost of living at the EIU.

"The pandemic has transformed consumer behaviour, as lockdowns and trends such as working from home have increased the prices of consumer electronics and meal-at-home kits have taken the place of restaurant dining for middle-class families. "

World's most expensive cities to live 2020

8. New York City

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions