The most expensive cities in the world – level 3

The most expensive cities in the world

11-12-2023 07:00

According to The Economist Intelligence Unit’s Cost of Living Index, Singapore and Zurich have surpassed New York as the world’s most expensive cities.

The index considers prices of various products and services, including transport, rent, food, and alcohol, in 173 cities globally. Geneva, New York, and Hong Kong complete the top five. Global prices rose by 7.4% year-on-year, a slight decrease from the previous year’s 8.8% increase. Grocery prices continued to rise due to manufacturers and retailers passing on costs to consumers. Increased demand for post-pandemic travel led to a significant climb in transport prices.

The EIU anticipates interest rate rises, economic activity slowdown, and dampened consumer demand in 2024. Potential factors affecting costs include the Israel-Hamas conflict and El Niño impacting food prices.

Difficult words: index (a sign or measure of something), anticipate (to expect or predict), dampen (to make less strong or intense).

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What are some potential factors that may affect the cost of living in global cities in 2024, according to the Economist Intelligence Unit's Cost of Living Index?

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