Singapore, Zurich world's most expensive cities: EIU

A view of the skyline in Singapore, January 27, 2023. REUTERS

Singapore and Zurich tied for the world's most expensive city this year, followed by Geneva, New York and Hong Kong, the Economist Intelligence Unit (EIU) said on Thursday as it cautioned that the global cost-of-living crisis was not yet over.

On average, prices have risen by 7.4% year on year in local currency terms for over 200 commonly used goods and services, a drop from the record 8.1% increase last year but still "significantly higher than the trend in 2017-2021," it said in a report.

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, owing to strict government controls on car numbers. It 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, it said.

Geneva and New York tied for third place, while Hong Kong was fifth and Los Angeles in sixth.

Asia continues to see relatively lower price increases on average compared to other regions, it said.

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.