The report covers 25 major cities around the world and tracks the prices of 20 goods and services to develop a living index. Tokyo, Japan rose to second place, while Hong Kong fell two places to third. The survey shows that the overall price of a basket of goods and services reflecting the lifestyles of affluent people around the world rose 1.05 percent.
The report also shows that the lowest cost of living this year is in the Americas, as the U.S. dollar and Canadian dollar have fallen against other major currencies, and Latin American currencies have depreciated significantly. Mexico City and Vancouver are among the cheapest cities in the index, while only New York remains one of the world’s 10 most expensive cities in the region.
The report notes that the global tourism recession in 2020, which was affected by the epidemic, had a significant impact on the index. In Asia, Bangkok and Singapore both fell in the rankings, while the sharp decline in tourist arrivals also hit many European cities hard.
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