Zurich, Paris and Hong Kong overtake Singapore and Osaka as most expensive cities

SourceZawya
SectorEconomy
CountryGCC

Jeddah, Saudi Arabia, and Cairo, Egypt, reached 90 and 98 from 86 and 106 the previous year, while Kuwait was ranked 101 and Muscat rose four places to 102.Cities in the Americas, Africa and Eastern Europe have become less expensive since last year, while the cost of living has risen in Western European cities, which partly reflects a rise in European currencies against the US dollar, said the EIU.In 2019, Singapore and Osaka were the most expensive cities, but have been overtaken by Zurich, Paris and Hong Kong.Tel Aviv, Israel, also outstripped Osaka, rising by two places in the rankings to be the fifth most expensive.New York and Los Angeles in the USA became less expensive, falling from fourth and eighth place to seventh and ninth place respectively.

The EIU said local currency exchange rate against the dollar caused many of the shifts in the rankings.“In general, currency weakness has followed the pandemic as it spread across the world from Asia to Latin America. By September 2020, when our survey was taken, currencies were weakest in the Americas and strongest in Western Europe,” the report said.The report also highlighted shortages of goods, often caused by consumers panic buying prior...read more...