The recently released Worldwide Cost of Living 2023 survey by the Economist Intelligence Unit (EIU) sheds light on the global economic landscape, with a focus on how various cities fare in terms of cost of living. Uzbekistan, with its capital Tashkent, is part of this comprehensive survey that ranks cities based on the cost of living index.
Top Ten Expensive Cities: Singapore and Zurich Lead
Survey shows that, Singapore and Zurich secured the top positions in terms of cost of living, each earning a score of 104 on the index. Geneva and New York tied for the third position with a score of 100, while Hong Kong followed closely with a score of 98. Notably, Tashkent, the capital of Uzbekistan, held the 169th position with a score of 31, showcasing its relatively lower cost of living compared to the top-ranking cities.
Factors Influencing Cost of Living
The survey highlights that many cities worldwide are grappling with a cost-of-living crisis, witnessing a surge in prices over the past two years. The global average price increase for over 200 commonly used goods and services was reported at 7.4% year-on-year, slightly lower than the 8.1% increase in the previous year's survey. The inflation trends varied across regions, influenced by factors such as supply-side shocks, energy price fluctuations, and consumer demand resilience.
Uzbekistan's Position in the Rankings
Tashkent, the capital of Uzbekistan, secured the 169th position in the survey, reflecting its comparatively lower cost of living. The survey noted that the city's prices for goods and services have contributed to this ranking, positioning it in the bottom ten cities in the survey.
Regional Variations and Outlook
The survey highlighted regional variations in inflation trends, with western European cities ranking high in certain categories like recreation, transport, household goods, and personal care. Asian cities, including those in Uzbekistan's proximity, were identified as some of the most expensive for groceries and alcohol.
The report also discussed the risks and challenges ahead, with the potential for inflation rates to remain elevated. Factors such as geopolitical events, including escalations in conflicts, could drive up energy prices, impacting the global economic landscape.
For Uzbekistan, the data suggests that Tashkent maintains a relatively affordable living cost compared to many other global cities.
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