The Economist Intelligence Unit, a global business intelligence under the UK Economist Group, has released its latest report on worldwide cost of living survey after rating 133 global cities and comparing the price of a basket of 138 everyday items in each.
Paris, Hong Kong and Zurich have jointly ranked as the world’s most expensive cities since the COVID-19 outbreak, according to the research.
The report also assessed the impact of the outbreak on living cost.
Cities in Americas, Africa and Eastern Europe have seen their cost fall due to the depreciation of U.S. dollars, but western European cities have become more expensive as a result of the euro rise in value against U.S. dollars.
Among the most expensive cities, a kilo of bread this year costs an average of 6.1 U.S. dollars in Paris, 5.03 U.S. dollars in Zurich and 3.82 U.S. dollars in Hong Kong respectively.
Singapore and Osaka, which tied with Hong Kong in previous survey report in March, have slipped to fourth and fifth places in the cost of living since the epidemic.
Furthermore, the pandemic has also influenced people’s consumption habits. Working from home has boosted sales of laptops and desktops, with price being up 18.7 percent on average from the previous year. However, sales and prices of clothes and shoes are down because of less going out.