Karachi (HRNW) Karachi has ranked 6th among the cheapest cities around the world, according to Economist Intelligence Unit’s ranking report for the Worldwide Cost of Living 2022 (WCOL).
Damascus in Syria and Tripoli in Libya are among the cheapest cities in the world. Both face a number of economic and political challenges.
And Karachi comes in sixth. But if you asked people living in Karachi, the rate of inflation has cut into their budgets like never before.
The cheapest cities in the world are Damascus in Syria and Tripoli in Libya. Both have numerous political and economic difficulties.
Karachi follows in sixth place. But if you questioned Karachi residents, they’d tell you that the pace of inflation has wreaked havoc on their spending plans.
According to the most recent WCOL study, prices in the world’s largest cities have increased by an average of 8.1% in local currency over the past year.
This rate is the fastest in at least 20 years, indicating a global crisis in the cost of living brought on by the conflict in Ukraine and maintaining China’s COVID-19 restrictions.
“New York tops the rankings for the first time, tying with frequent leader Singapore, which is back in pole position for the eighth time in ten years. Together, the two have bumped Tel Aviv (Israel; top last year) down into third place,” said the report.