EIU published a ranking of the most expensive cities in the world

New York City and Singapore have been named the world's most expensive cities, according to The Economist Intelligence Unit (EIU) World Cost of Living Survey. It is noted that in 172 cities around the world, prices rose by an average of 8.1 percent in 2022, according to the World Cost of Living Survey.

New York topped the ranking for the first time and equaled Singapore, which topped the list, for the eighth time in a decade. In third place was Israel's Tel Aviv, which last year was named the most expensive city in the world.

The rating also marked Damascus (Syria) and Tripoli (Libya) as the cheapest cities.

Along with New York, Los Angeles and San Francisco are among the ten most expensive cities in the world. In the wcol survey, 22 U.S. cities rose in the rankings amid a rapid rise in prices and a stronger dollar. Six of them (Atlanta, Charlotte, Indianapolis, San Diego, Portland and Boston) were among the top 10 cities with the biggest jumps in the rankings.

The Russian cities of Moscow and St. Petersburg ranked 88th and 70th, respectively, with price increases due to Western sanctions and ruble support from energy markets. Due to the energy crisis and weakening economy, the value of the euro and other local currencies fell; most European cities did not make the ranking.

Stockholm, Luxembourg and Lyon fell the most in the ranking. However, despite this, many values in the region rose quickly. Gas and electricity prices in Western European cities rose by an average of 29% in local currency as the region tries to move away from Russian energy. On the other hand, global average prices for the two aforementioned energy sources increased by 11 percent in 2022.