Singapore, Zurich Become World's Most Expensive Cities
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Jakarta – Singapore and Zurich have jointly defeated New York City as the most expensive cities in the world to live in, according to the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living 2023 report. Hong Kong, at fifth place, is the only other Asian city in the top 10.
This ranking is based on a comparison of over 400 individual prices for everyday goods and services across 173 cities worldwide. The survey was carried out between 14 August and 11 September.
EIU’s survey found that prices rose by 7.4 per cent year on year on average in local-currency terms.
“Price growth has slowed from the 8.1 per cent reported in last year’s survey, but remains significantly above the trend in 2017-21,” the report stated.
Merlion Park, landmark Singapura.
- Antara/ Ismar Patrizki
Several factors contributed to Singapore’s climb to the top. The high cost of car ownership, coupled with rising grocery and alcohol prices, pushed the city-state ahead of its previous co-leader, New York City.
According to EIU, this is the ninth time in the last eleven years that the Lion City has taken the top spot.
Zurich returned to the No.1 position after three years on the back of a strong Swiss franc and expensive essential goods and recreation. The Swiss city was sixth in last year’s survey.
How did other cities rank on the list?
There were significant shifts in certain regions despite the global average price increase for everyday items slowing down slightly.
Los Angeles and San Francisco were the only other US cities to crack the top 10 alongside New York City.
EIU notes that the appreciation of foreign currencies against the US dollar and the hawkish monetary policy of the US Federal Reserve have led to a majority of the 22 US cities in the survey falling down the ranks.
Elsewhere, Mexican cities such as Santiago de Querétaro and Aguascalientes saw their costs rise due to the strengthening peso.
