00:00In the latest worldwide cost-of-living report by the Economist Intelligence Unit,
00:05three U.S. cities secured spots in the top 10 most expensive cities globally.
00:10New York, which shared the top spot last year with Singapore, came in third in the new list,
00:15while Singapore retained its place at the top, joined by Zurich, Switzerland,
00:20reports Business Insider.
00:21Los Angeles and San Francisco secure 6th and 10th positions among the world's most expensive cities.
00:28Despite this, North American cities, on average,
00:31slipped in rankings compared to the previous year.
00:34Global city prices rose by an average of 7.4% over the past year,
00:40down slightly from the previous year but still higher than the five-year average.
00:44Western European cities claimed half of the top 20 spots due to rising interest rates
00:50and increased prices.
00:52Four Chinese cities, including Beijing, were among the 10 biggest fallers in the ranking.
00:58Moscow and St. Petersburg saw significant drops due to Western sanctions,
01:02with the ruble collapsing against the dollar.
01:05On the flip side, the world's most affordable cities include Damascus, Syria, Tehran, Iran,
01:11Buenos Aires, Argentina, and Chennai, India, underscoring global disparities in living costs.
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