Inflation is having a big impact on the cost of living across the globe: Prices are up an average of 8.1% in the world’s largest cities compared to last year.
Across the globe, the commodity that has risen the most in 2022 is petrol, which is up 22% on average over last year. Utility bills are up an average of 11% worldwide, and in Europe energy prices are up 29% because of the continent’s reliance on Russian oil and gas.
Car prices have risen by 9.5% on average, as supply-chain problems have slowed production and led to waiting lists in some cities.A general view of the circuit during previews ahead of the Formula One Grand Prix of Singapore at Marina Bay Street Circuit on September 12, 2018 in Singapore. According to the EIU, a stronger currency will tend to see a city rise in the rankings, "as prices are higher when expressed in international common currency.
"This year has seen the dollar strengthen against many currencies as the Federal Reserve raises interest rates," the EIU report says.
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