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New York Is Ranked, Most Expensive City in the World, for the First Time. 'The Independent' reports that New York City has joined Singapore as the most expensive cities in the world. 'The Independent' reports that New York City has joined Singapore as the most expensive cities in the world. According to the Worldwide Cost of Living Index, , the average cost of living in NYC, rose 8.1% in 2022. . The 2022 index was released by , the Economist Intelligence Unit , (EIU) on December 1. . It marks the first time that NYC has topped the list. . Tel Aviv, the most expensive city in 2021, fell to number three on the index, with Los Angeles and Hong Kong rounding out the list's top five. Tel Aviv, the most expensive city in 2021, fell to number three on the index, with Los Angeles and Hong Kong rounding out the list's top five. Tel Aviv, the most expensive city in 2021, fell to number three on the index, with Los Angeles and Hong Kong rounding out the list's top five. The index reportedly takes into account over 200 goods and services across 172 major cities around the world. 'The Independent' reports that rising prices are the result of a combination of factors, including the war in Ukraine and pandemic-related restrictions driving record inflation. 'The Independent' reports that rising prices are the result of a combination of factors, including the war in Ukraine and pandemic-related restrictions driving record inflation. According to the London-based 'Economist' index, 2021 saw year-over-year prices for goods and services rise by an average of 3.5%, the highest rate in five years. In 2022, , that average jumped , to 8.1%. We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data, Upasana Dutt, Head of worldwide cost of living at EIU, via 'The Independent'