COVID-19 has caused quite some havoc. World economies have taken a hit, and proof of that is the rise in prices. In an evident report on the world’s most expensive cities, Zurich and Paris have emerged on the top. They have overtaken Singapore and Osaka and are said to have been impacted massively by the pandemic.
According to the report, Zurich and Paris’s jump to the top is mainly due to the strengthening of the Swiss franc and the euro. Commenting on it, Upasana Dutt, head of Worldwide Cost of Living at The EIU said, “The Covid-19 pandemic has caused the weakening of the U.S. dollar while western European and north Asian currencies have strengthened against it, which in turn has shifted prices for goods and services,” She further added, “Asian cities have traditionally dominated the rankings in the past years but the pandemic has reshuffled the rankings of this edition.”
To arrive at the results, the survey measured the cost of 138 items in about 130 cities. Supply chain issues, with shortages of toilet paper and pasta were noted as causes for the rise in prices, with the cost of living rising by 0.3 points on average this year. The top ten most expensive cities in the world as per the Cost of Living Index -EIU report are as under:
3. Hong Kong
5. Tel Aviv
8. New York
10. Los Angeles