Singapore has kept its position as the world’s most expensive city in
the latest Economist Intelligence Unit’s (EIU) Worldwide Cost of Living
survey. It ranks jointly with Zurich which is back at the top after
three years.
Singapore, EIU said, is particularly expensive for transport and clothing.
New York, which came joint first last year, moved down to third position in a tie with Geneva. Hong Kong filled the No 5 spot.
Chinese cities have fallen in the rankings which the EIU attributes
to a slow economic recovery after the pandemic, subdued consumer demand
and depreciation of the currency.
The EIU said overall price rises are slowing worldwide “but remain significantly above the trend in 2017-21”.
“Many cities across the world continue to struggle with a
cost-of-living crisis which has sent prices soaring over the past two
years,” EIU noted.
The five least expensive cities are Damascus, Tehran, Tripoli, Karachi and Tashkent.
The list of cities that have fallen the furthest by ranking include several in Russia, China and Japan (Osaka and Tokyo).