New York, Singapore Are World's Most Expensive Cities

The world's most expensive cities are jointly New York and Singapore, according to the annual Economist Intelligence Unit (EIU) survey, Malu Corsino reported for BBC News.

Photo Insert: It is the first time New York has topped the rankings.

It is the first time New York has topped the rankings. Last year's number one, Tel Aviv, is now placed third. Overall, the average cost of living in the world's biggest cities is up 8.1% this year, the EIU survey reports.

The war in Ukraine and COVID's impact on supply chains were identified as factors behind the increase. Inflation was particularly high in Istanbul - with prices up by 86% - Buenos Aires (64%) and Tehran (57%).

High inflation in the US was one of the reasons for New York topping the list.

Los Angeles and San Francisco also made the top 10. Earlier this year, US inflation was the highest in more than 40 years. The strengthening dollar was also a factor in the US cities' prominence.

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