Index hide2 Mexico is in the top 10 of the countries that have risen the most in the ranking in the last 12 months.3 EIU: CMDX is almost as expensive as in Tokyo
The Russian war in Ukraine and the effects of the pandemic and inflation are the main causes.
Mexico is in the top 10 of the countries that have risen the most in the ranking in the last 12 months.
Inflation in Mexico and the depreciation of the currency in Japan and South Korea have meant that in this 2022 ehe cost of living index between Mexico City and Tokyo is almost similar, because only one position separates them in the new study of The Economist Intelligence Unit (EIU), where, alarmingly, CDMX is more expensive.
According to World Cost of Living Index published by The Economist, Russia’s invasion of Ukraine and the disruptions in the supply chain it caused, as well as border closures and multiple trade sanctions in Europe have made the cost of living more expensive in at least 172 cities of the world.
And it is that the semi-annual survey that compares more than 400 individual prices in more than 200 products and services was analyzed; this year, all cities were compared to the base city, meaning the most expensive (with an index score of 100) which was New York City.
Among several things, a key conclusion to understand the global phenomenon is that the cost of living has increased an average of 8.1 percent year-on-year, taking local currencies as a reference. In this panorama, it is precisely the Capital of Mexico that stands out by resenting the change with an acceleration in the rate of increase not seen in 20 years.
EIU: CMDX is almost as expensive as in Tokyo
In the EIU report It can be seen that Mexico City is only one position above Tokyo, with 71 points on a scale from 0 to 100, which sums up to a climbing of more than 30 places in the ranking position (43) in the last year.
Thus, as can be seen in the graph shared by The Economist and by users of social networks who react to the results, CDMX would be registering a more expensive cost of living than Dubai and Tokyo.
“Mexico City is also up 33 places, with the weight supported by Mexico’s own interest rate hikes, which are ahead of those of the Fed,” the study notes.
Those of us who live in Mexico City perceive it more and more expensive. Today the “cost of living” indicator from The Economist came out and well, it puts the data to the anecdote. Look where the CdMx is located: pic.twitter.com/W6dSW42O8q
— Valeria Moy (@ValeriaMoy) December 1, 2022
In the data that was collected between August 16 and September 16 of this year, you can see the list of the 10 positions of the most expensive and cheapest cities to live:
The top 10 most expensive
- New York
- Tel Aviv
- Hong Kong
- The Angels
- San Francisco
The top 10 of the cheapest
IMU: best cities
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