Rising rents and other cost of living increases aren’t just a problem for regular folks in Los Angeles; they’re shooting up for international jetsetters too, according to the twice-yearly Worldwide Cost of Living Survey. Once nineteenth on the list compiled by The Economist‘s Intelligence Unit, LA has jumped up to number eight this time around, tied alongside Copenhagen, Denmark, and Seoul, South Korea, and just a little behind New York at number seven, KPCC says.
The survey, now in its thirtieth year, “compares more than 400 individual prices of 160 products and services,” ranging from food to wine to branded cigarettes to the cost of private school and rent to the wages of domestic workers. Anything a European aristocrat or Saudi prince might need to shell out for.
The idea behind the survey is to “help human resources and finance managers calculate cost-of-living allowances and build compensation packages for expatriates and business travelers,” explains KPCC. “New York and Los Angeles move up the ranking because of currency headwinds rather than significant local price rises,” the report says, noting that local inflation has been relatively low across the country.