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The Economist Intelligence Unit (EIU) has ranked 113 cities around the world, comparing the price of a basket of 138 everyday products.
In the latest rankings, European cities Paris and Zurich surpassed Singapore and Osaka, which took first place alongside Hong Kong in March.
The ranking released this week shows which cities were the most expensive (and cheapest) to live in in the world after the COVID-19 pandemic.
The resulting exchange rate fluctuations (including the depreciation of the US dollar) have made cities in Africa, America and parts of Europe cheaper. Meanwhile, as the euro strengthened against the US dollar, it became more expensive to live in the cities of the eurozone. The Swiss franc was also appreciated.
The EIU explains that Singapore’s downgrade was also due to the departure of foreign workers at the start of the pandemic. For the first time in 17 years, the city has experienced a decline in population.
The biggest jump in the ranking was made by Tehran, which went from 106th to 79th place. Reykjavik and the Brazilian cities of Rio de Janeiro and Sao Paulo were the ones that fell the most.
The cheapest cities are Damascus in Syria, Tashkent in Uzbekistan, Lusaka in Zambia, Caracas in Venezuela, and Almaty in Kazakhstan.
The report also noted that prices for electronic devices have risen around the world, while clothing has fallen. It is assumed that this was due to the massive work from home.
Food prices remained more or less the same, but personal hygiene products, tobacco and alcohol became more expensive.
The most expensive cities in the world in 2020:
1. Paris, France
1. Hong Kong
1. Zurich, Switzerland
4. Singapore
5. Osaka, Japan
5. Tel Aviv, Israel
7. Geneva, Switzerland
8. New York, United States
9. Copenhagen, Denmark
10. Los Angeles, United States
Cheapest cities in the world in 2020:
133. Damascus, Syria
132. Tashkent, Uzbekistan
130. Lusaka, Zambia
130. Caracas, Venezuela
129. Almaty, Kazakhstan
128. Karachi, Pakistan
127. Buenos Aires, Argentina
126. Algeria
125. Bangalore, India
124. Chennai, India
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