The stunning Sacre Coeur basilica in Paris, pictured in August 2020. (Photo by Frédéric … [+] Soltan/Corbis via Getty Images
Corbis via Getty Images
Paris and Zurich have overtaken Singapore and Osaka to rank alongside Hong Kong as the most expensive cities in the world.
The Economist Intelligent Unit’s 30th biannual World Cost of Living Index, published today, compares the prices for goods and services across 133 major cities. Carried out in September, it provides the first in-depth global study on the impact of the coronavirus on prices.
The study found that currency movements were the key driver of affordability changes. The strengthening euro and Swiss franc pushed Paris and Zurich to the top of the charts, both up four places from last year. Geneva jumped three places year-on-year to joint seventh, with Copenhagen up two in joint ninth.
Prices in Singapore fell back from joint first with Osaka to fourth this year, as the pandemic resulted in thousands of overseas workers leaving, shrinking the city state’s population for the first time since 2003.
Osaka saw similar trends, the report said, as well as flatlining consumer prices and the government stepping in to subsidize public transport costs. It slipped from joint first to joint fifth in the rankings, sharing that spot with Tel Aviv.
The weakening U.S. dollar saw New York drop back three places to joint seventh and Los Angeles go down one to joint ninth.