New York Is Ranked, Most Expensive City in the World, for the First Time.<br />'The Independent' reports that New York City has joined Singapore as the most expensive cities in the world.<br />'The Independent' reports that New York City has joined Singapore as the most expensive cities in the world.<br />According to the Worldwide Cost of Living Index, , the average cost of living in NYC, rose 8.1% in 2022. .<br />The 2022 index was released by , the Economist Intelligence Unit , (EIU) on December 1. .<br />It marks the first time <br />that NYC has topped the list. .<br />Tel Aviv, the most expensive city in 2021, fell to <br />number three on the index, with Los Angeles <br />and Hong Kong rounding out the list's top five.<br />Tel Aviv, the most expensive city in 2021, fell to <br />number three on the index, with Los Angeles <br />and Hong Kong rounding out the list's top five.<br />Tel Aviv, the most expensive city in 2021, fell to <br />number three on the index, with Los Angeles <br />and Hong Kong rounding out the list's top five.<br />The index reportedly takes into <br />account over 200 goods and services <br />across 172 major cities around the world.<br />'The Independent' reports that rising prices are the result <br />of a combination of factors, including the war in Ukraine <br />and pandemic-related restrictions driving record inflation.<br />'The Independent' reports that rising prices are the result <br />of a combination of factors, including the war in Ukraine <br />and pandemic-related restrictions driving record inflation.<br />According to the London-based 'Economist' index, <br />2021 saw year-over-year prices for goods and services rise <br />by an average of 3.5%, the highest rate in five years.<br />In 2022, , that average jumped , to 8.1%.<br />We can clearly see the impact in <br />this year’s index, with the average <br />price rise across the 172 cities in <br />our survey being the strongest <br />we’ve seen in the 20 years <br />for which we have digital data, Upasana Dutt, Head of worldwide cost <br />of living at EIU, via 'The Independent'
