According to this year's Worldwide Cost of Living Index, released by the Economist Intelligence Unit (EIU), the average cost of living is up 8.1% in 2022, owing to the Russian war in Ukraine and the lingering effects of the pandemic.
"The war in Ukraine, Western sanctions on Russia and China's zero-Covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world," Upasana Dutt, head of worldwide cost of living at EIU, said in a media statement.
The most significant cause of price upticks in western Europe was increasing gas prices, the result of the ongoing Russian war in Ukraine and the region trying to find alternate sources of gas. The cost of one liter of gasoline has gone up a whopping 22% compared to this period last year. Although it seems like New York City should have topped the list by now, this is the first time the biggest city in the US has landed in first place -- albeit in a tie with frequent winner Singapore.Two other American metropolises also made the top 10 -- Los Angeles in a tie for fourth place with Hong Kong and San Francisco in eighth.
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