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The list of “economists” is usually dominated by Asia, but this time everything is a little different. Which products cost more than before the pandemic.
Special Times: Due to the Corona crisis, Zurich is now the most expensive city in the world.
Photo: Gaëtan Bally (Keystone)
Food, clothing, hairdressing: the renowned business newspaper makes comparisons twice a year “The Economist” Prices for almost 140 products around the world and compiles a ranking of the most expensive cities. It is usually dominated by Asian metropolises, three of them shared the first place last time. But this year everything is a little different.
The corona pandemic has shaken the rankings. Singapore and Osaka fell off the podium, only Hong Kong still on top. It is now at the top along with Paris and Zurich. With Geneva, another Swiss city ranked in the top 10.
The index compares prices with New York. So Zurich is more expensive than the US metropolis, Geneva almost the same. In general, prices in Western European cities have risen as assessed, but not for all products.
Laptops and computers have become 18.7 percent more expensive on average since last year, which has to do with the trend toward home offices. The increased demand for alcohol and tobacco has also led to higher prices. Because that is for example Clothes and shoes have become cheaper because many stores that sell non-essential products had to close during closings.
The pandemic has not only changed consumer behavior, but also to Problems in supply chains and caused currency fluctuations. The euro has appreciated against the US dollar, as has the Swiss franc. That caused prices to rise in Western Europe. In Africa, North and South America too in In Eastern Europe, fluctuations have caused the opposite.
“Almost all of the changes are due to Covid-19.”
According to the “Economist”, prices in Singapore fell mainly because the crisis in the crown caused an emigration of foreign workers. The city saw its first population decline in 17 years. In Osaka they stalled Consumersprices due to pandemic, and the Japanese government subsidized costs like public transportation, which lowered the cost of living.
According to the assessment, almost all other changes in the classification are also due to Covid-19. For example, Rio de Janeiro and Saor Paulo to the cities that have lost the most places. Brazil not only suffers from a weak currency, but it is also one of the countries most affected by the pandemic in the world.
One exception is the boom in many Chinese cities, where prices have risen due to the trade war with the United States, which has caused a shortage in the electronics sector. Tehran is also severely affected by US sanctions, which have made goods more expensive in the Iranian capital. The result: Tehran has Imeter Classification mmore compound places than any other city.
