World’s most expensive cities to live in during Covid

(CNN) — It is really the best aspiration for several — transfer to a massive town and make a glam new existence.

But as we all know, metropolitan residing comes at a cost — especially if you decide on Hong Kong, Paris or Zurich, which are the world’s most pricey metropolitan areas in accordance to new analysis.

The Economist Intelligence Unit (EIU) — which charges 133 world cities, and compares the cost of a basket of 138 day-to-day merchandise in every — has rated them as joint best of the table.
The European metropolitan areas have leapfrogged in excess of Singapore and Osaka, which tied with Hong Kong in the preceding Around the globe Expense of Residing Survey, carried out in March.

The variations are in particular marked this time all over, with the report doubling as an assessment of the effects of the Covid-19 pandemic on prices about the environment.

Currency fluctuations because of to the pandemic — which have bundled a dip in the US greenback — mean that locations in Africa, the Americas and Japanese Europe have got significantly less high priced considering the fact that March, while western Europe, in which the euro has risen in benefit against the greenback, has seen costs rise. The Swiss franc has also risen in price.

The world’s most high priced towns

Singapore has dropped from initial to fourth spot

Courtesy Singapore Tourism Board

Singapore and Osaka are now down to fourth and fifth respectively, with Tel Aviv tying with Osaka in fifth put. An exodus of overseas staff all through the pandemic is guiding Singapore’s fall — which noticed its inhabitants fall for the initially time in 17 a long time — according to the EIU.

The leading 10 is finished by Geneva, New York City, Copenhagen and Los Angeles.

Sydney is at number 15, London at 20, and Nairobi at 77.

Moscow is at selection 106, and Delhi at 121.

The largest rise is Tehran, which has climbed up the ladder from 106th to 79th, due to US sanctions impacting materials. Reykjavik, Rio de Janeiro and Sao Paulo show the greatest selling price drops. The EIU attributes the Brazilian cities’ rankings to “weak currency and soaring poverty stages.” Brazil, of course, has endured hugely in the course of the pandemic.

Damascus in Syria is the town with the lowest price tag of dwelling, followed by Uzbekistan’s Tashkent, Lusaka in Zambia, Caracas (Venezuela) and Almaty, Kazakhstan.

The base 10 is rounded out by Karachi (Pakistan), Buenos Aires (Argentina), Algiers (Algeria) and Bangalore and Chennai, in India. The Argentinian govt has released price controls for the duration of the pandemic, which could explain Buenos Aires’ place.

Pricey electronics and cheaper outfits

pba casa rosada medidas economicas

Buenos Aires is in the vicinity of the bottom of the checklist


It is not just the towns that have swapped around. The study uncovered that selling prices for electronics — have elevated globally. Clothes, meanwhile, has fallen — each presumably owing to the increase in folks operating from dwelling. Staple foods merchandise largely remained the very same price tag, while own treatment products and solutions, tobacco and alcoholic beverages have all risen.

“The Covid-19 pandemic has brought about the US greenback to weaken when western European and north Asian currencies have strengthened in opposition to it, which in transform has shifted costs for merchandise and providers” explained Upasana Dutt, head of worldwide value of dwelling at the EIU.

“The pandemic has remodeled shopper conduct, as lockdowns and traits these kinds of as functioning from house have improved the costs of buyer electronics and food-at-residence kits have taken the spot of restaurant eating for middle-class households.”

As for the long term, items really don’t seem rosy. The EIU predicts that the tendencies will continue on, with folks prioritizing staples and residence leisure more than the likes of apparel for the duration of 2021.

World’s most high-priced metropolitan areas to dwell 2020

1. (tie) Paris, France

1. (tie) Hong Kong

1 (tie) Zurich, Switzerland

4. Singapore

5. (tie) Osaka, Japan

5. (tie) Tel Aviv, Israel

7. Geneva, Switzerland

8. New York Town

9. Copenhagen, Denmark

10. Los Angeles

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