Moscow has made a breakthrough – Economics – Kommersant
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The ranking of the most expensive cities in the world, according to the Economist Intelligence Unit, in 2022 was headed by New York and Singapore. The authors of the study noted a record rise in prices for several decades and a crisis in the quality of life around the world. The study says that the cost of living in Moscow jumped by 17.1%, thereby the capital rose in the ranking by several dozen lines, to 37th place. Previously not included in the top 100 St. Petersburg now ranked 73rd.
Today, the Economist Intelligence Unit (EIU) published annual ranking of the cost of living in different cities Worldwide Cost of Living. The most expensive in 2022 were New York and Singapore, sharing the first place. New York was on this line for the first time, and Singapore occupies this place regularly. Tel Aviv, which was in first place last year, has now moved to third. Also in the top 10 are: Hong Kong, Los Angeles, Zurich, Geneva, San Francisco, Paris, Copenhagen and Sydney. The cheapest major cities were Colombo, Bangalore and Algiers.
When calculating the cost of living, the rating compilers compared prices for more than 400 goods and services from March to September in 172 cities around the world. Among these goods are food, drinks, clothing, services, etc. When compiling a rating, all prices for goods and services in different cities are converted into dollars, after which they are compared with prices in New York.
Moscow in 2022 turned out to be the city that rose above the rest: in a year, the Russian capital moved from 96th place to 37th. St. Petersburg, which in 2021 was not even in the top 100, this time has risen to 73rd place. “Capital controls, import cuts and the conversion of European gas payments into rubles support the value of the local currency. At the same time, Western sanctions imposed against Russia contributed to the growth of local prices (due to the situation in Ukraine.— “b”),” the authors of the report note. According to their calculations, inflation in Moscow amounted to 17.1% in annual terms, in St. Petersburg – 19.4%.
In general, prices in the 172 largest cities of the world increased by 8.1% over the year. This is the strongest growth in at least 20 years.
According to EIU analysts, the situation around Ukraine and related sanctions, as well as lockdowns and the overall policy of “zero tolerance” for COVID-19 in China, have led to problems with supply chains. Combined with rising key rates and changes in exchange rates, this caused a major “crisis in the cost of living around the world.” At the same time, according to the authors of the study, in 2023 price growth is likely to slow down, so that inflation will be 6.5% against 9.3% this year.
In June EIU published ranking of the most livable cities in the world. The first place in it was taken by Vienna, and Moscow dropped by 15 positions, taking 80th place.
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