The Economist Intelligence Unit (EIU) said on Thursday that Singapore and Zurich tied for the world’s most expensive city this year, followed by Geneva, New York, and Hong Kong, and that the global cost-of-living crisis was far from over.
Prices for over 200 commonly used goods and services have risen 7.4% year on year in local currency terms, down from a record 8.1% increase last year but still “significantly higher than the trend in 2017-2021,” according to a report.
Singapore has reclaimed the top spot in the rankings for the ninth time in the last eleven years, owing to high prices in various categories.
Due to strict government controls on car numbers, the city-state has the world’s highest transportation prices. It is also amongst the most expensive for clothing, groceries, and alcohol.
Zurich’s increase reflected the strength of the Swiss franc as well as high prices for groceries, household goods, and recreation according to the report.
Geneva and New York tied for third most expensive city, with Hong Kong in fifth and Los Angeles in sixth.
According to the report, Asia continues to experience relatively lower average price increases than other regions.
Chinese cities have dropped in the rankings, with four cities – Nanjing, Wuxi, Dalian, and Beijing – among the top movers this year, along with Osaka and Tokyo in Japan.
