Singapore and Zurich share top spot for most expensive cities

FILE PHOTO: A view of the skyline in Singapore, January 27, 2023. REUTERS/Caroline Chia/File Photo

According to a report by the Economist Intelligence Unit (EIU), Singapore and Zurich have been identified as the most expensive cities in the world this year, shedding light on the ongoing global cost of living crisis. Although there has been a decrease compared to the previous year’s growth, the prices of everyday items and services have still risen by an average of 7.4% in terms of local currency. The EIU points out that this current scenario is considerably higher than the trend observed between 2017 and 2021.

Singapore, which has held its position for nine out of the eleven years attributes its ranking to price levels across various categories. The city state boasts having the world’s highest transport prices due to strict government controls on car numbers and is also among the most expensive cities when it comes to clothing, groceries and alcohol.

Zurich’s rise in the rankings is attributed to factors such as the strength of Swiss franc and elevated prices for groceries, household goods and recreation. Geneva and New York share third place in this ranking while Hong Kong secures fifth position followed closely by Los Angeles at sixth position.

Although Asian cities generally experience average price increases compared to other regions, Chinese cities have observed a decline in their rankings. This year, it is worth mentioning that Nanjing, Wuxi, Dalian, Beijing, in China as Osaka and Tokyo in Japan have all experienced notable downward turns in the rankings according to the EIU.

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