Global prices make some American products look cheap

Check out what gasoline and smartphones cost in other countries.

Americans are fed up with inflation, which has dogged the US economy for four years. Just when it looked as if prices would moderate, the US-Iran war sent the cost of gasoline and many other products skyrocketing.

But it’s worse elsewhere, as an annual report by the Deutsche Bank Research Institute reminds us. Every year, the bank publishes a global pricing report comparing the cost of rent, food, smartphones, gasoline, internet service, cars, and about 20 other things in nearly 70 cities worldwide. The costs are priced in dollars.

Zurich and Geneva are the world’s most expensive cities, not surprising for a rich country with a historically strong currency. Tel Aviv is third, with New York fourth and San Francisco fifth.

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Tel Aviv has rapidly become one of the world’s most expensive cities for a number of reasons. Israel’s currency, the shekel, has appreciated during recent years. The Israeli economy is generally strong. Energy and other utilities are also very expensive, due in part to Middle East turmoil.

Japan, once one of the world’s costliest countries, is now “extremely cheap” in dollar terms, according to the report. That’s largely because inflation in Japan has been much lower than in the rest of the world in recent years, plus the yen has substantially depreciated. Tourists, take note.

The DB report, available here, has tons of data on how costs and living standards differ by city and country. We decided to map the worldwide costs of four items everybody is familiar with: gasoline, a McDonald’s meal, an iPhone, and a night out with a date. The bottom line for most Americans: It could be worse!

US gas prices, for instance, have climbed back to about $4 per gallon. But a gallon costs around $4.80 in Shanghai, $5.80 in Mexico City, and $8.40 in Paris.

A casual date in Geneva, including dinner, drinks, two movie tickets, and transportation, costs an eye-watering $475. That’s 32% more than in New York and 75% more than in Chicago.

And if you’re peeved at the high cost of a Big Mac, just be glad you’re not ordering it in Israel, where a McDonald’s meal costs nearly $21—61% more than in New York.

Here are the maps, with a cartoon to follow:

Enjoy a cartoon:

Cartoon by Leo Cullum

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