Singapore is world's most expensive city

November 30, 2023 11:32

Singapore maintained its pole position as the world's most expensive city for the ninth time in the last eleven years, tying with Zurich and overtaking New York, which fell to third place this year.

A second Asian city -- Hong Kong -- also ranked in the top five.

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

Four Chinese cities (Nanjing, Wuxi, Dalian and Beijing) and two Japanese ones (Osaka and Tokyo) were among the biggest movers down the rankings this year.

EIU's Worldwide Cost of Living survey found that, on average, prices rose by 7.4% year on year in local-currency terms. Price growth has slowed from the 8.1% reported in last year's survey, but remains significantly above the trend in 2017-21.

Of the 10 categories in our price index, utility prices rose the most slowly over the past year, reflecting the waning impact of Russia's invasion of Ukraine in 2022. Grocery prices, however, continue to rise strongly.

Three of the bottom ten positions in this year's rankings are occupied by Asian cities, namely Karachi, Ahmedabad and Chennai

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