{"id":64284,"date":"2022-12-02T16:30:15","date_gmt":"2022-12-02T15:30:15","guid":{"rendered":"https:\/\/jazairhope.org\/?p=64284"},"modified":"2022-12-02T11:28:23","modified_gmt":"2022-12-02T10:28:23","slug":"cost-of-living-algeria-among-the-top-10-least-expensive","status":"publish","type":"post","link":"https:\/\/jazairhope.org\/en\/cost-of-living-algeria-among-the-top-10-least-expensive\/","title":{"rendered":"Cost of Living : Algeria Among the top 10 Least Expensive"},"content":{"rendered":"<div class=\"layout layout--twocol-section layout--twocol-section--75-25\">\n<div class=\"layout__region layout__region--first\">\n<section class=\"block block-layout-builder block-field-blocknodearticlefield-tldr clearfix\">\n<div class=\"text-long\">\n<ul>\n<li><strong>Singapore has tied with New York to share the top spot on EIU&#8217;s index of the world&#8217;s most expensive cities<\/strong><\/li>\n<li><strong>This is the eighth time within a decade that Singapore has ranked first<\/strong><\/li>\n<li><strong>EIU said Singapore has faced a consistently high cost of living\u00a0<\/strong><\/li>\n<li><strong>Singapore also has a tendency to rank highly due to its strong currency<\/strong><\/li>\n<\/ul>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"layout__region layout__region--second\">\n<section class=\"block block-layout-builder block-field-blocknodearticlefield-author clearfix\">\n<div class=\"author-card author-card--author-info-block\" role=\"article\">\n<div class=\"author-card__figure\"><span style=\"text-transform: initial;\">BY <\/span><a class=\"h6__link\" style=\"text-transform: inherit;\" href=\"https:\/\/www.todayonline.com\/authors\/low-youjin\">LOW YOUJIN<\/a><\/div>\n<\/div>\n<\/section>\n<section class=\"block block-mc-content-share-bookmark block-content-share-bookmark clearfix\">\n<div class=\"article-date article-date--\">\n<div class=\"article__row article__row--\"><span class=\"article-date__text article-date__text--\">Published<\/span>\u00a0December 1, 2022<\/div>\n<div class=\"article__row article__row--\"><span class=\"article-date__text article-date__text--\">Updated<\/span>\u00a0December 1, 2022<\/div>\n<\/div>\n<div class=\"js-popup-content with-authors\">\n<div class=\"bookmark-share\">\n<div class=\"bookmark-share-icon\"><\/div>\n<div class=\"a2a-share-link a2a_kit\" data-a2a-url=\"https:\/\/www.todayonline.com\/singapore\/consistently-high-cost-living-singapore-ranked-worlds-most-expensive-city-8th-time-decade-survey-2061111\" data-a2a-title=\"With 'consistently high cost of living', Singapore ranked world's most expensive city for 8th time in a decade: Survey\"><span style=\"text-transform: initial;\">SINGAPORE \u2014 Singapore has tied with America\u2019s New York to share the unwanted title of being the most expensive city to live in, the latest Worldwide Cost of Living index showed.<\/span><\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<div class=\"layout layout--twocol-section layout--twocol-section--75-25\">\n<div class=\"layout__region layout__region--first\">\n<section class=\"block block-layout-builder block-field-blocknodearticlefield-content clearfix\">\n<div class=\"content-wrapper\">\n<div class=\"text\">\n<div class=\"text-long\">\n<p>Results of the survey by the Economist Intelligence Unit (EIU),\u00a0which were released on Thursday (Dec 1), showed that a combination of high incomes and a strong exchange rate propelled both financial hubs to the top of the list.<\/p>\n<p>While this is the first time New York has topped the rankings, it is the eighth time for Singapore in the past decade.<\/p>\n<p>Last year\u2019s top spot was held by Israel\u2019s Tel Aviv, with Singapore sharing the second position with France\u2019s capital, Paris. New York was ranked sixth.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content-wrapper\">\n<div class=\"context-snippet\">\n<h4 class=\"h2 h2--context-snippet\">CITY RANKINGS FOR 2022<\/h4>\n<div class=\"context-snippet__content\">\n<div class=\"text-long\">\n<p><strong>TOP 10 POSITIONS<\/strong><\/p>\n<p>1. Singapore<\/p>\n<p>1. New York, United States<\/p>\n<p>3. Tel Aviv, Israel<\/p>\n<p>4. Hong Kong,\u00a0special administrative region of China<\/p>\n<p>4. Los Angeles, US<\/p>\n<p>6. Zurich, Switzerland<\/p>\n<p>7. Geneva,\u00a0Switzerland<\/p>\n<p>8. San Francisco, US<\/p>\n<p>9. Paris, France<\/p>\n<p>10. Copenhagen, Denmark<\/p>\n<p>10. Sydney, Australia<\/p>\n<p><strong>BOTTOM 10 POSITIONS<\/strong><\/p>\n<p>161. Colombo, Sri Lanka<\/p>\n<p>161. Bangalore, India<\/p>\n<p><strong>161. Algiers, Algeria<\/strong><\/p>\n<p>164. Chennai, India<\/p>\n<p>165. Ahmedabad, India<\/p>\n<p>166. Almaty, Kazakhstan<\/p>\n<p>167. Karachi, Pakistan<\/p>\n<p>168. Tashkent, Uzbekistan<\/p>\n<p><strong>169. Tunis, Tunisia\u00a0<\/strong><\/p>\n<p>170. Tehran, Iran<\/p>\n<p>171. Tripoli, Libya<\/p>\n<p>172. Damascus, Syria<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"context-snippet__more\"><\/div>\n<\/div>\n<div class=\"content-wrapper\">\n<div class=\"text\">\n<div class=\"text-long\">\n<p>The bi-annual survey, conducted between Aug 16 and Sept 16 this year, compares more than 400 individual prices across more than 200 products and services in 172 cities.<\/p>\n<div class=\"read-also-wrapper\">\n<div class=\"referenced-card read-also-box\">\n<div class=\"media-object media-object--tdy\">\n<div class=\"media-object__content\">\n<div class=\"media-object__body\">\n<div class=\"list-object list-object--is-number\">\n<div class=\"list-object__details\"><span style=\"text-transform: initial;\">EIU \u2014 the research and analysis division of the Economist Group, which also manages the Economist newspaper \u2014 said that the survey has been designed to enable human resources and finance managers to calculate cost-of-living allowances and build compensation packages for expatriates and business travellers.<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The Ministry of Trade and Industry (MTI) said in December last year, after the release of EIU\u2019s previous report, that the results \u201cmay not reflect the cost of living of Singaporean households\u201d.<\/p>\n<p>For instance, it said that the EIU consumption basket includes items such as international foreign daily newspapers that tend to be more expensive than what Singaporean households typically consume, such as Singapore&#8217;s newspapers.<\/p>\n<p>In response to TODAY&#8217;s queries, Ms\u00a0Upasana Dutt, head of Worldwide Cost of Living at EIU, said on Thursday that its survey\u00a0includes products and services, which are common all across the cities in order to provide standardisation and direct city-to-city comparisons.<\/p>\n<p>These include categories such as food, drinks, clothing, household supplies and personal care items, home rent, and transport, she added.<\/p>\n<p>Last year, MTI said<strong>\u00a0<\/strong>that EIU\u2019s survey findings were compiled by comparing the prices of goods and services across countries and converting them from their domestic currencies to US dollars.<\/p>\n<div class=\"read-also-wrapper\">\n<div class=\"referenced-card read-also-box\">\n<div class=\"media-object media-object--tdy\">\n<div class=\"media-object__content\">\n<div class=\"media-object__body\">\n<div class=\"list-object list-object--is-number\">\n<div class=\"list-object__details\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>\u201cThis means that the rankings are sensitive to currency fluctuations. However, currency fluctuations have less impact on the cost of living of Singaporeans who earn their income in Singapore dollars,\u201d MTI said then.<\/p>\n<\/div>\n<h4><strong>\u2018CONSISTENTLY HIGH COST OF LIVING\u2019<\/strong><\/h4>\n<p>Commenting on its latest findings for Singapore, EIU said that the country has faced a consistently high cost of living.<\/p>\n<p>\u201cThe city-state has the world\u2019s highest transport prices, owing to strict government controls on car numbers. It is also among the most expensive cities for clothing, alcohol and tobacco, thanks to its success as a premier location for business investment,\u201d the company added.<\/p>\n<p>And because of Singapore\u2019s strong currency, it has a tendency of ranking highly on EIU\u2019s index.<\/p>\n<p>EIU said that prices are higher when expressed in international common currency, while structural factors such as competition or high demand play a key role in determining the cost of living as well.<\/p>\n<p>It added that because it converts domestic currency prices into US dollars to calculate each city\u2019s index, EIU\u2019s rankings are also driven by exchange rates against the dollar.<\/p>\n<div class=\"read-also-wrapper\">\n<div class=\"referenced-card read-also-box\">\n<div class=\"media-object media-object--tdy\">\n<div class=\"media-object__content\">\n<div class=\"media-object__body\">\n<div class=\"list-object list-object--is-number\">\n<div class=\"list-object__details\"><span style=\"text-transform: initial;\">Ms Dutt said that as compared to other currencies, the Singapore dollar depreciated relatively less, which caused the city to stay as one of the most expensive.<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Beyond Singapore\u2019s strong currency, EIU also pointed to high inflation, which has led to the cost of living soaring in the world\u2019s major cities as war in Ukraine and continuing Covid-19 pandemic restrictions disrupt supply chains, particularly for energy and food.<\/p>\n<p>On average, EIU said that prices have risen by 8.1 per cent in local-currency terms, the highest rate in the 20 years for which the firm has collected digital data.<\/p>\n<p>Utility and food prices have increased sharply in the midst of trade restrictions caused in part by the Ukraine war, but petrol prices have seen the most rapid increases, it added.<\/p>\n<p>The firm found that the price of a litre of petrol has risen by 22 per cent year-on-year on average in local-currency terms at a time of higher global oil prices and a stronger US dollar.<\/p>\n<p>Separately, prices for gas and electricity saw a global average increase of 11 per cent, compared to the 29 per cent on average in local-currency terms in western European cities as the region tries to wean itself off Russian energy.<\/p>\n<p>Despite the relatively bleak outlook, EIU said that \u201cprices may be starting to ease\u201d in some countries as interest rates bite and the global economy slows. Supply-chain blockages should also start to ease as freight rates come down and demand softens.<\/p>\n<p>\u201cUnless the war in Ukraine escalates, we predict that commodity prices for energy, food and for supplies such as metals are likely to fall sharply in 2023 compared with 2022 levels, although they are likely to stay higher than previous levels.\u201d<\/p>\n<p>Overall, EIU forecasts that global consumer price inflation will fall from an average of 9.4 per cent this year to a still-high 6.5 per cent in 2023.<\/p>\n<p>TODAY has sought comment from MTI regarding EIU\u2019s latest report.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Singapore has tied with New York to share the top spot on EIU&#8217;s index of the world&#8217;s most expensive cities This is&hellip;<\/p>\n","protected":false},"author":50,"featured_media":64285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[12],"tags":[],"class_list":["post-64284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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