Hong Kong: 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) revealed on Thursday as it cautioned that the global cost-of-living crisis was not yet over.
On average, prices have risen by 7.4 percent year on year (YoY) in local currency terms for more than 200 commonly used goods and services, a drop from the record 8.1 percent increase last year but still remarkably higher than the trend in 2017-2021, it said in a report.
Singapore regained the top of the rankings for the 9th time in the past 11 years due to high price levels across several categories.
The city state has the world’s highest transport rates, owing to strict government controls on car numbers. It is also amongst the most expensive for groceries, clothing, and alcohol.
The report said that Zurich’s rise reflected the strength of the Swiss franc and high prices for household goods, groceries, and recreation.
Other cities
Geneva and New York tied for 3rd place, while Hong Kong was 5th and Los Angeles in 6th.
It said that Asia continues to see relatively lower price increases on average compared to other regions.
Chinese cities have fallen in its rankings with 4 cities – Nanjing, Wuxi, Dalian and Beijing – among the biggest movers down the rankings in 2023 along with Osaka and Tokyo in Japan.
