Daily life in Zurich, Switzerland on October 28, 2020.
Pyotr Pivorsky | Nurphoto | Getty Images
Singapore – Zurich and Paris have displaced Singapore and Osaka in a recent report of the world’s most expensive cities. Two Asian cities joined Hong Kong at the top of the first rankings.
It is based on The Economist Intelligence Unit’s latest Worldwide Cost of Living Index, which shows how the coronavirus epidemic has affected the prices of goods and services in more than 130 cities by September 2020.
Reportedly, Zurich and Paris were ranked first due to the strengthening of the Swiss franc and the euro.
Upasana Dutt, head of the Worldwide Cost of Living, said, “The Kovid-19 epidemic has caused the weakening of the US dollar, while Western European and North Asian currencies have strengthened against it, causing a change in prices for goods and services.” has come.” EIU. New York City is used as the base city in the index.
“Asian cities have traditionally dominated the rankings over the years but the epidemic has altered the ranking of this version.”
Singapore, which now ranks fourth, has seen prices fall due to the exodus of foreign workers.
“With the city’s state’s total population contracting for the first time since 2003, demand has declined and is in a state of deflation. Osaka has been seen to be equally, with consumer prices stagnant and the Japanese government Subsidized costs such as public transport. ” Osaka ranks fifth with Tel Aviv.
The EIU said prices for most goods and services were “quite flat” compared to last year, but some categories were affected, as the Kovid-19 crisis was.
The cost of essential products such as food and water remained “flexible”, but low demand led to a steep decline in clothing prices.
“Supply-chain problems have different effects on individual goods, with the price of high-demand products such as computers increasing in some cities,” the report said.
Dutt said such trends could continue in 2021 as spending is restricted, putting pressure on prices.
“Many price-conscious consumers will prioritize spending on staples, home entertainment and faster Internet access, “she said.” Big-ticket items, as well as clothing and out-of-home entertainment, will continue to clash. “