Singapore and Zurich Tied for World’s Most Expensive City – Economist Intelligence Unit
HONG KONG, Nov 30 (Reuters) – According to the Economist Intelligence Unit (EIU), Singapore and Zurich have tied for the world’s most expensive city this year. They are followed by Geneva, New York, and Hong Kong. The EIU cautioned that the global cost-of-living crisis was not yet over, despite a lower increase in prices.
The report states that prices have risen by 7.4% year-on-year in local currency terms for over 200 commonly used goods and services. This is a drop from the record 8.1% increase last year, but still “significantly higher than the trend in 2017-2021.”
Singapore regained the top of the rankings for the ninth time in the past eleven years due to high price levels across several categories. The city-state has the world’s highest transport prices, strict government controls on car numbers, and is also amongst the most expensive for clothing, groceries, and alcohol.
Zurich’s rise reflected the strength of the Swiss franc and high prices for groceries, household goods, and recreation.
Geneva and New York tied for third place, while Hong Kong was ranked fifth and Los Angeles in sixth.
The report also noted that Chinese cities have fallen in its 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.
The EIU report also mentioned that Asia continues to see relatively lower price increases on average compared to other regions.
Reporting by Farah Master; Editing by Christopher Cushing