Covid-19 changed the rating of the most expensive cities

The top three included Paris, Zurich and Hong Kong, which scored the same number of points.

However, Hong Kong did not change its index, and Paris and Zurich added 4 points each. In previous years, there were more Asian than European cities among the leaders of the ranking. The Economist Intelligence Unit (EIU), an analytical division of the Economist magazine, has been ranking the most expensive cities for over 30 years. In general, Africa, America and Eastern Europe have become more affordable, while life in Western Europe is becoming more expensive. In addition to Paris and Zurich, the top ten also includes Geneva and Copenhagen. In contrast, life in many Asian cities has become cheaper, but this is not a general trend for the region. According to the Economist analysts, prices in Singapore have fallen sharply due to a massive outflow of foreign workers associated with the pandemic. “Asian cities have traditionally dominated the rankings in recent years, but this time the pandemic has made its adjustments,” said Upasana Dutt, project manager for the Economist. However, many Chinese cities, on the other hand, have risen in the rankings as the trade war between the United States and China has led to higher prices.

The most rapid leap up in price was made by Tehran – 27 positions at once. This is due to sanctions imposed on Iran, most goods there have risen in price. But Bangkok rolled back by 20 positions and now ranks the 46th. Moscow was also 20 positions lower – now it is the 106th. Kyiv scored only 53 points and ranked the 101st out of 132 cities in the world. The capital of Ukraine is also among the cities with the largest decline in the rating of the cost of living – Kyiv fell by 15 positions, losing 5 points.

Damascus, Caracas, Tashkent and Almaty are among the cheapest cities to live in. The Economist rating is intended for expats – foreign professionals who work for a long time in a country. The rating data allow companies to calculate the cost of compensation and social packages for their employees working abroad.

The most expensive cities in the world according to the Economist in 2020: Paris, Hong Kong, Zurich, Singapore, Osaka, Tel Aviv, New York, Geneva, Los Angeles, Copenhagen.

What is more expensive? The Economist experts compared the prices of 138 most common goods in 130 cities around the world in September this year. In general, the authors of the rating point out that the prices for basic necessities are more stable, but the prices for what you can do without have changed. The shortage of toilet paper and pasta that occurred at the beginning of the pandemic still affects the price of these goods, although they are already quite affordable. Pricing was also affected by transportation difficulties during the pandemic.

Computer prices have risen sharply. From ten categories of consumer goods, tobacco and leisure prices raised the most. But clothing prices have fallen.

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