According to the ranking published The Economist, Paris and Zurich are the cities with the highest cost of living in the world, overtaking Singapore and Osaka and joining Hong Kong which remains the most expensive,
The impact of the pandemic on the dollar is the main factor determining the cost of living in many countries: "The covid-19 pandemic caused the US Dollar to lose value while the currencies of Western Europe or North Asia strengthened, which affected the price of goods and services," notes Upasana Dutt, one of authors for the study. "Paris and Zurich joined Hong Kong in the lead due to the rise of the Euro and the Swiss Franc against the Dollar," the report notes.
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In the United States, New York lost a place to find itself in seventh position with Geneva. Los Angeles fell to ninth place, on a par with Copenhagen.
The most important movement, however, was recorded by Tehran, which jumped 27 places due to the impact of US sanctions, according to the 2020 report on the global cost of living published by The Economist.
Everywhere the cost of living has fallen in the clothing sector, with smartworking workers postponing the purchase of new clothes. In contrast, the rise in smart working has caused a surge in purchases of electronic devices, the product category that has seen its prices rise the most.