The new World Cost of Living Report from The Economist's Intelligence Unit finds that L.A., indeed, competes with the best of them on a global scale when it comes to the most expensive cities in the world.
“For the first time in 10 years,” an Intelligence Unit spokeswoman said, “Los Angeles is ranked among the top 10, alongside cities like Singapore, Zurich and Hong Kong.”
The publication looked at prices for 160 items, including food, toiletries, clothing, transportation, utility bills and more, in 140 cities worldwide.
“New York and Los Angeles are now among the 10 most expensive cities for the first time in over a decade,” it said in a statement.
Analysts said the strong American dollar has pushed prices up in these metropolises. “The U.S. dollar is on its fastest rise in 40 years,” The Economist stated.
Among the most expensive U.S. cities, New York was first, followed by Los Angeles, Chicago, Minneapolis and Washington, D.C.
Globally, Singapore was tops, followed by Zurich, Hong Kong, Geneva and Paris. L.A. was tied with Copenhagen and Seoul at the bottom of the global top-10 list. New York came in seventh.
So the next time you're out shopping and you realize that prices are hard to swallow, just know that you're not alone.