Karachi ranked 6th cheapest city in the world again
The Economist Intelligence Unit (EIU) has claimed that Pakistan’s Karachi is one of the cheapest cities in the world, ranked 6th from the bottom out of a list of 172 cities on the Worldwide Cost of Living report.
The list of the most expensive and cheapest cities in 2022 has been released by the Economist Intelligence Unit (EIU).
According to the list, cost of living has increased by 8.1% due to the impact of Russia’s invasion of Ukraine and coronavirus outbreak.
According to the report, the war in Ukraine, Western sanctions on Russia and China’s zero-covid policies have created supply chain problems, while record interest rate hikes in various countries have significantly increased the cost of living around the world.
“This rate is the fastest in at least 20 years,” report said.
EIU compiles a list of both the cheapest and most expensive cities in the world to live in every year. It compares more than 400 individual prices of over 200 essential commodities to compile a ranking.
The price of gasoline, which has increased by an average of 22% year over year, has seen the fastest rises in the WCOL index.
New York and Singapore were jointly ranked as the most expensive cities in the world.
This is the first time that New York has been named the most expensive city in the world, which was ranked sixth in last year’s list.
Similarly, Tel Aviv, the most expensive city of 2021, has now moved to third place.
Hong Kong and Los Angeles were jointly ranked as the fourth most expensive cities, while the Swiss cities of Zurich and Geneva ranked sixth and seventh respectively.
Damascus in Syria and Tripoli in Libya are among the cheapest cities in the world. Both face a number of economic and political challenges.
Iran’s capital Tehran stands at third, Tunisia’s capital Tunis fourth, Uzbekistan’s city Tashkent fifth, and Karachi is the sixth cheapest city in the world.
According to the report, the impact of inflation on Asian cities has not been the same as seen in other regions.
Cost of living in Asian cities has increased by an average of 4.5 percent, report added.