Most people harbour dreams of moving into a big city in a foreign country and living the life they have always envisioned. But everything in this world comes at a price, and in order to live in some global cities, one has to pay a hefty sum. According to a new research conducted by the Economist Intelligence Unit (EIU) — which rates and ranks 133 global cities, and compares the price of a basket of 138 everyday items in each — Hong Kong, Paris and Zurich are the world’s most expensive cities.
According to a CNN report, the current findings of the research represent the impact the world has had because of the ongoing pandemic. As such, currency fluctuations — including a dip in the US dollar — have meant that while cities in Africa, the Americas and eastern Europe have got less expensive since March, western Europe — where the euro has risen in value against the dollar — has seen prices rise.
As mentioned before, while Paris, Hong Kong and Zurich tie at the top spot, Singapore follows with the fourth rank. Next comes Osaka in Japan, which ties with Tel Aviv in Israel. Geneva, New York City, Copenhagen, and Los Angeles follow, completing the top-10 city rankings. While Sydney is at number 15, London makes it to the 20th spot. Nairobi is at 77, Moscow at number 106, and Delhi at 121.
Some cities which are at the bottom of the list include: Damascus in Syria, Tashkent in Uzbekistan, Lusaka in Zambia, Caracas in Venezuela, Almaty in Kazakhstan, Karachi (Pakistan), Buenos Aires (Argentina), Algiers (Algeria), Bangalore and Chennai.
“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. 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,” Upasana Dutt, head of worldwide cost of living at the EIU, was quoted as saying.
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