New York and Singapore rank as the world’s most expensive cities as a result of the strong currencies and higher inflation rates globally, an Economist Intelligence Unit survey says.
Tel Aviv in Israel, which was the most expensive city last year, is now the third costliest city to live in globally, according to the Worldwide Cost of Living Survey from the EIU.
Hong Kong and Los Angeles are the fourth most expensive cities globally this year. Zurich, Geneva, San Francisco, Paris, Copenhagen and Sydney round out the top 10.
Damascus in Syria and Tripoli in Libya remain the cheapest cities, the survey found.
US cities rose up in the rankings owing to a strong dollar, while most European cities fell on the list as the energy crisis and weakening economies pushed down the value of the euro and other local currencies, said the survey, which compares the prices of more than 200 products and services in 172 cities around the world.
The index is primarily used by companies to negotiate compensation packages when relocating staff. This year’s survey was conducted between August 16 and September 16.
“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 of the EIU.
“We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data. We expect prices to start easing over the coming year as supply bottlenecks start to ease and slowing economies weigh on consumer demand.”
We expect prices to start easing over the coming year as supply bottlenecks start to ease and slowing economies weigh on consumer demand
Upasana Dutt,
head of worldwide cost of living, EIU
In June, another survey by global consultancy Mercer showed that Hong Kong, Zurich and Geneva were the three most expensive cities in the world for overseas workers.
Tel Aviv was ranked the sixth most expensive city for international workers, making it the costliest in the Middle East, Mercer said.
Prices have increased by 8.1 per cent year on year on average in 172 major cities, the EIU report said.
The EIU rankings compare cities with New York as the base city.
The most rapid price increases were for a litre of petrol, which rose by 22 per cent year on year on average in local currency terms amid higher global oil prices.
Prices for utilities such as electricity, as well as food and basic household goods, also rose rapidly. By contrast, prices for recreational goods and services were subdued as consumers focused spending on essentials, the report found.
Prices for gas and electricity were up by 29 per cent on average in local currency terms in western European cities as the region tries to wean itself off Russian energy. This compares with a global average increase of 11 per cent, according to the EIU report.
Global car prices have risen by 9.5 per cent on average in local currency terms, as supply chain blockages curtailed production and led to waiting lists in some cities, the agency said.
The International Monetary Fund predicts that global inflation will rise to 8.8 per cent in 2022 from 4.7 per cent but fall slightly next year to 6.5 per cent, while global economic growth is expected to slow.
Istanbul (Turkey), Buenos Aires (Argentina) and Tehran (Iran) experienced very high inflation in 2022, according to the EIU.
However, the highest inflation rate was in Caracas, Venezuela, where prices increased by 132 per cent since last year.
The biggest upward movers on the EIU’s list of most expensive cities were Russia’s Moscow and St Petersburg, which shot up by 88 and 70 places respectively, as prices soared amid western sanctions and buoyant energy markets supported the rouble.
Inflation in Moscow is now 17.1 per cent year on year in local currency terms, while in St Petersburg, it has reached 19.4 per cent.
Meanwhile, Stockholm, Luxembourg and Lyon were the biggest fallers in the EIU rankings.
Watch: what is a recession?
New York is not the only US city that has risen in the EIU rankings as a result of the strengthening dollar. Other US cities, such as Atlanta and Boston, account for six of the top 10 global movers up in the rankings.
The agency forecast that global consumer price inflation will fall from an average of 9.4 per cent this year to 6.5 per cent in 2023.
“Unless the war in Ukraine escalates, commodity prices for energy, food and for supplies such as metals are likely to fall sharply in 2023 compared with 2022 levels, although they are likely to stay higher than previous levels,” the report said.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
UAE currency: the story behind the money in your pockets
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
FIGHT CARD
Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
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2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
Scores
Scotland 54-17 Fiji
England 15-16 New Zealand
The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
SHAITTAN
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Five ways to get fit like Craig David (we tried for seven but ran out of time)
Start the week as you mean to go on. So get your training on strong on a Monday.
Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.
Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.
Get your priorities right.
And last but not least, you should always, always chill on Sundays.
Global state-owned investor ranking by size
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'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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UAE currency: the story behind the money in your pockets
Mountain%20Boy
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
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UAE currency: the story behind the money in your pockets
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The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
