20. Shanghai, China (tie)
The study also concluded that the city of Rome in Italy saw the biggest drop in the ranking list going from 32nd place down to 48th.
The Syrian capital of Damascus remains the world’s cheapest city.
The Head of worldwide cost of living at EIU said in a statement that: “Although most economies across the world are now recovering as Covid-19 vaccines are rolled out, many major cities are still seeing spikes in cases, leading to social restrictions. These have disrupted the supply of goods, leading to shortages and higher prices.”
“Over the coming year, we expect to see the cost of living rise further in many cities as wages increase in many sectors. However, we are also expecting central banks to raise interest rates cautiously to stem inflation. So the price increases should start to moderate from this year’s level.”