Despite the high ranking of Singapore and Hong Kong, Asian cities became comparatively less expensive in 2022
. Two Japanese cities, Tokyo and Osaka, were among the 20 most expensive worldwide in 2021, but they slid down the rankings in 2022, to 37th and 43rd respectively . Their decline was the sharpest among all 57 Asian cities surveyed by. Even Colombo, in Sri Lanka, fell seven spots, despite an annual inflation rate that reached 70% last year .
Part of this is explained by the survey’s methodology. It was designed to help companies make salary adjustments for the employees they send abroad. It compares the prices of more than 200 products and services in 172 cities—all converted into dollars. So when the greenback surges, as it did last year, cities outside America get cheaper in dollar terms. This was the case for people moving to Japan and Sri Lanka, whose currencies depreciated sharply.
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