The Economist Intelligence Unit (EIU) said on Thursday that Singapore and Zurich were tied for the most expensive city in the world this year, followed by Geneva, New York, and Hong Kong.
However, the EIU issued a warning that the global cost-of-living crisis was still ongoing.
For more than 200 frequently used goods and services, prices have increased by 7.4% annually on average in local currency terms. This is less than the record 8.1% increase that occurred last year, but it is still “significantly higher than the trend in 2017-2021,” according to a report.
Due to high prices in a number of categories, Singapore rose to the top of the rankings for the ninth time in the previous eleven years.
The city state has the most expensive transportation in the world because of stringent government regulations on the number of cars. It is also one of the priciest prices for groceries, clothing, and alcoholic beverages.
According to the report, Zurich’s growth was caused by the strong Swiss franc as well as expensive food, home goods, and entertainment.
Hong Kong came in fifth, followed by Los Angeles in sixth.
According to the report, price increases in Asia are still generally lower than in other regions.
Chinese cities have declined in the rankings; Osaka and Tokyo in Japan are among the major decliners this year, along with four Chinese cities: Nanjing, Wuxi, Dalian, and Beijing.
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