Paris, Hong Kong and Zurich are the three most expensive cities in the world, according to a ranking by the weekly “The Economist”. Geneva is tied for 7th with New York.
Paris and Zurich have joined Hong Kong as the cities with the most expensive cost of living in the world, while Singapore and Osaka have given way to the top three, according to a survey published Wednesday by the weekly “The Economist».
The biggest movement was recorded by Tehran, which jumped 27 ranks because of the impact of US sanctions, according to the 2020 report on the Cost of living in the world published by “The Economist”.
The impact of the pandemic on the dollar is the main factor driving the cost of living in many countries, the report points out. “The Covid-19 pandemic has caused the US dollar to lose value while the currencies of Western Europe or North Asia have strengthened, which has had consequences on the price of goods and services “, Notes Upasana Dutt, one of the study’s leaders.
Rise of the euro and the franc
“Paris and Zurich have joined Hong Kong at the top of the ranking because of the rise of the euro and the Swiss franc against the dollar,” notes the report, which specifies that prices in Singapore fell in particular because of a lower demand following an exodus of foreign workers.
In Osaka, “consumer prices have stagnated and the Japanese government has subsidized costs such as public transport,” the report continues.
In the United States, New York dropped one place to tie for seventh with Geneva, and Los Angeles fell to ninth, tied with Copenhagen.
Everywhere, the cost of living fell in the wake of clothing prices, workers assigned to home due to containment measures in the face of the pandemic having postponed the purchase of new outfits. Conversely, the rise of teleworking has caused a surge in purchases of electronic devices, a product category that saw its prices increase the most according to the study.