LOS ANGELES - Los Angeles is a very expensive city to live in - this we all know - but it isn't the most expensive.
New York City and Singapore tied for first place as the most expensive city to live in the world, according to the new Worldwide Cost of Living survey put out by the Economist Intelligence Unit (EIU).
New York City and Singapore knock Tel Aviv down a couple notches because of higher inflation and stronger currencies, the EIU reported in the survey which analyzed nearly 200 cities across a variety of metrics.
This is the first time New York even made the list.
- This California city is most popular destination for people looking to relocate: report
- People leaving Los Angeles are moving here in record numbers
- This is the best California town to celebrate Christmas
Other cities in the U.S. also placed higher in the index compared to years past because of the strong dollar, the EIU said, thus making goods more expensive.
Los Angeles rose from No. 9 in 2021 to No. 4 this year. San Francisco didn't even make the top 10 list last year. This year, however, it's ranked the eighth most expensive city to live in.
Six of the 10 cities that made the biggest jumps were also in America, including San Diego and Boston.
The silver lining is that inflation is likely to start easing soon, EIU said.
The firm forecast that global inflation will fall from an average of 9.4% this year to 6.5% in 2023.