Singapore and Zurich have overtaken New York and now share the title of the world’s most expensive city this year, as reported by the Economist Intelligence Unit (EIU). Following closely behind are Geneva, New York, and Hong Kong.
The EIU cautioned on Thursday that the global cost-of-living crisis is not yet over.
The sky-high cost of car ownership, expensive alcohol, and rising grocery prices propelled Singapore ahead of New York, with which it shared the top spot last year, as per the Economist Intelligence Unit’s Worldwide Cost of Living 2023 report.
Singapore regained the top spot in the rankings for the ninth time in the past eleven years due to high price levels across several categories.
The city-state boasts the world’s highest transport prices, attributed to strict government controls on car numbers. Additionally, it ranks amongst the most expensive for clothing, groceries, and alcohol.
Zurich jumped from sixth place last year to joint first in 2023. Its rise reflects the strength of the Swiss franc and high prices for groceries, household goods, and recreation, according to the report.
Geneva and New York tied for third place, while Hong Kong ranked fifth and Los Angeles sixth.
The report also noted that Asia continues to experience relatively lower price increases on average compared to other regions.
Chinese cities have declined in the rankings, with four cities – Nanjing, Wuxi, Dalian, and Beijing – among the biggest movers down the rankings this year, along with Osaka and Tokyo in Japan.
(Inputs from Reuters)