(CNN) — It looks like each month when family payments come due, we grumble about how the price of dwelling has gone up once more.
In different phrases — no, it is not simply you.
“The struggle in Ukraine, Western sanctions on Russia and China’s zero-Covid insurance policies have induced supply-chain issues that, mixed with rising rates of interest and exchange-rate shifts, have resulted in a cost-of-living disaster the world over,” Upasana Dutt, head of worldwide value of dwelling at EIU, stated in a media assertion.
She added: “We are able to clearly see the influence on this 12 months’s index, with the common value rise throughout the 172 cities in our survey being the strongest we have seen within the 20 years for which now we have digital knowledge. The rise in petrol costs in cities was significantly sturdy (because it was final 12 months), however meals, utilities and family items are all getting costlier for city-dwellers.”
So, in an costly 12 months, what are the most costly cities to reside in?
Copenhagen fell from eighth to tenth place in 2022.
Jonathan Nackstrand/AFP/Getty Photos
Europe in transition
The EIU, which tracks on a regular basis bills in 172 cities around the globe, relies in London. The British capital fell considerably down the record this 12 months, touchdown in twenty seventh place.
There have been 4 European cities within the high 10 — Zurich (sixth place) was the best, with Paris, Copenhagen and fellow Swiss metropolis Geneva rounding out the remainder.
Essentially the most important reason for value upticks in western Europe was rising gasoline costs, the results of the continuing Russian struggle in Ukraine and the area looking for alternate sources of gasoline. The price of one liter of gasoline has gone up a whopping 22% in comparison with this era final 12 months.
Unsurprisingly, Russian cities Moscow and St. Petersburg each noticed important hikes in value of dwelling bills, whereas Ukraine capital Kyiv was not analyzed this 12 months.
Along with gasoline prices, one issue cited by the EIU was the uneven worth of the Euro, which is utilized by some however not the entire European cities on this 12 months’s record — the UK is on the pound, and Switzerland has the franc.
Three different cities in Europe — Stockholm, Lyon and Luxembourg — additionally declined on the record.
Two cities in Switzerland made the record, one in all which was Geneva.
A primary-ever winner
Though it looks like New York Metropolis ought to have topped the record by now, that is the primary time the largest metropolis within the US has landed in first place — albeit in a tie with frequent winner Singapore.
Two different American metropolises additionally made the highest 10 — Los Angeles in a tie for fourth place with Hong Kong and San Francisco in eighth.
In complete, 22 of the 172 cities the EIU tracks yearly are within the US, together with Portland, Boston, Chicago and Charlotte. Each single a kind of 22 skilled an increase in inflation this 12 months.
In the meantime, final 12 months’s winner, Tel Aviv, fell to 3rd place.
How the record is made
With a view to create the record, the EIU compares greater than 400 particular person costs throughout greater than 200 services in 172 cities. They survey a spread of companies, each excessive and low finish, to get a way of how a lot costs have fluctuated over the previous 12 months.
Its record, revealed in June, awarded Hong Kong the title of most costly metropolis for the third 12 months straight and New York in second. Nevertheless, the ECA’s record leans closely towards massive cities in Asia, as Seoul, Shanghai and different East Asian city facilities all landed within the high 10.
The EIU record is benchmarked in opposition to costs in New York Metropolis, therefore cities with currencies which might be stronger in opposition to the US greenback are prone to seem larger within the rankings.
The world’s 10 most costly cities to reside in 2022
1. New York and Singapore (tie)
3. Tel Aviv, Israel
4. Hong Kong and Los Angeles (tie)
6. Zurich, Switzerland
7. Geneva, Switzerland
8. San Francisco, California
9. Paris, France
10. Copenhagen, Denmark