A report by The Economist Intelligence Unit
Worldwide Cost of Living 2019
Which global cities have the highest cost
of living?
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The findings of the latest Worldwide Cost of Living Survey
Cost convergence across continents
For the first time in the survey’s history, three cities share the title of the world’s most expensive city: Singapore, Hong Kong and France’s capital, Paris. The top ten is largely split between Asia and Europe, with Singapore reprenting the only city in the top ten that has maintained its ranking from the previous year. In the rest of Asia, Osaka in Japan and Seoul in South Korea join Singapore and Hong Kong in the top ten. The Japane city has moved up six places since last year, and now shares fifth place with Geneva in Switzerland. In Europe, the usual suspects—Geneva and Zurich, both in Switzerland, as well as Copenhagen in Denmark—join Paris as the world’s most expensive cities to visit and live in out of the 133 cities surveyed.家居设计培训
Within western Europe it is non-euro area cities that largely remain the most expensive. Zurich (in fourth place), Geneva (joint fifth) and Copenhagen (joint venth) are among the ten priciest. The lone exception is Paris (joint first), which has featured among the top ten most expensive cities since
2003. With west European cities returning to the fold, the region now accounts for three of the five most expensive cities and for four of the top ten. Asia accounts for a further four cities, while Tel Aviv is the sole Middle Eastern reprentative.
Across geographic regions and countries, the survey obrved a degree of convergence in 2018 among the most expensive locations. Some of tho economies with appreciating currencies, like the US, climbed up the ranking significantly. In venth and joint tenth place respectively, New York and Los Angeles are the only cities in the top 10 from North America. A stronger US dollar last year has meant that cities in the US generally became more expensive globally, especially relative to last year’s ranking. New York has moved up six places in the ranking this year, while Los Angeles has moved up four spots. The movements reprent a sharp increa in the relative cost of living compared with five years ago, when New York and Los Angeles tied in 39th position.
Tel Aviv, which was ranked 28th just five years ago, sits alongside Los Angeles as the joint tenth most expensive city in the survey. Currency appreciation played a part in this ri, but Tel Aviv also has some specific costs that drive up prices, notably tho of buying, insuring and maintaining a car, all of which push transport costs 64% above New York prices.
Last year inflation and devaluations were prominent factors in determining the cost of living, with many cities tumbling down the ranking owing to economic turmoil, currency weakness or falling local prices. Places like Argentina, Brazil, Turkey and Venezuela experienced all of the aforementioned conditions, leading to cities in the countries eing a sharp fall in their cost of living ranking. Unsurprisingly, it is Caracas in Venezuela which claims the title of the least expensive city in the world. Following inflation nearing 1,000,000% last year and the Venezuelan government launching a new currency, the situation continues to change almost daily. The new currency value has varied so much since its creation and the economy was demonetid compelling people to u commodities and exchange rvices and personal items like clothing, auto parts and jewellery to purcha basic goods such as groceries.
The ten most expensive cities in the world
The impact of high inflation and currency denominations is reflected in the average cost of living this year. Taking an average of the indices for all cities surveyed using New York as the ba city, the global cost of living has fallen to 69%, down from 73% last year. This remains significantly lower than five years ago, when the average cost of living index across the cities surveyed was 82% and ten years ago was 89%.
US cities ri up to meet European veterans
Much of 2018 was marked by continued strong US economic growth and steady monetary policy tightening by the Federal Rerve (the US central bank), which led to a sharp appreciation of the
US dollar. With the dollar strengthening against other currencies, all but two US cities ro up the ranking in 2018. The highest climbers were San Francisco (25th up from 37th previously), Houston (30th from 41st), Seattle (38th from 46th) and Detroit and Cleveland (joint 67th from joint 75th). New York (venth), Los Angeles (tenth) and Minneapolis (20th) are all ranked in the top 20. Domestic help and utilities remain expensive in North America, with US cities ranking highly in the categories.
On the other side of the Atlantic, despite the euro making gains against the US dollar in 2017, the
gains went into rever in 2018 as economic momentum slowed and the election of a populist coalition in Italy raid new concerns about challenges to European integration. Paris stands out as the only euro area city in the top ten. The French capital, which has rin from venth position two years ago to joint first, remains extremely expensive to live in, with only alcohol, transport and tobacco offering value for money compared with other European cities. Copenhagen in Denmark, which pegs its currency
to the euro, also features in the ten priciest cities in joint venth place, largely owing to relatively high transport, recreation and personal care costs.奥运会会歌
manziWhen looking at the most expensive cities by category, Asian cities tend to be the priciest locations for general grocery shopping. European cities tend to have the highest costs in the houhold, personal care, recreation and entertainment categories—with Zurich and Geneva the most expensive in the categories—perhaps reflecting a greater premium on discretionary spending.新视野大学英语读写教程答案
Prices now and then for top ten citiespumpkin是什么意思
A year of currency fluctuations and inflation
Currency fluctuations continue to be a major cau for changes in the ranking. In the past year a
number of markets have en significant currency movements, which have in many cas countered
待摊费用科目the impact of domestic price changes.
Several emerging markets suffered currency volatility, primarily as a result of monetary tightening
in the US and the strengthening US dollar. In a few instances, however, such as Turkey and Argentina, a
combination of factors, including external imbalances, political instability and poor policymaking, led
tideto full-blown currency cris. Istanbul, in Turkey, which experienced the sharpest decline in the cost of
living ranking in the past 12 months, fell by 48 places to joint 120th. The reason for this drastic decline
was the recent sharp slide of the Turkish lira and annual consumer price inflation surging to 25.2% in
October 2018.
The impact of currency devaluation was also felt in Argentina’s capital, Buenos Aires, which has
joined the bottom ten in joint 125th place. Like Istanbul, the city also fell by 48 places in the ranking
following a crisis of confidence in Argentina, resulting in the peso weakening sharply against the US
dollar in August.
In contrast, the endemic high cost of living in the French territory of New Caledonia partly reflects
a lack of competition, particularly in the wholesale and retail ctors, which are dominated by a small
number of companies. The factors drove its capital, Nouméa, 33 spots up the ranks in joint 20thgrin
place.
Another big mover, Sofia (currently joint 90th) in Bulgaria, reflects a ri up the rankings of 29 spots.
Bulgaria is an economically stable east European country, which pegs its currency, the Bulgarian lev,
to the euro but is yet to join the euro zone. Like many cities in the region, Sofia continues to offer good
value for money. Nevertheless, prices for groceries in the capital city are beginning to converge with
