Singapore tops list of most expensive cities for 9th time
Singapore and Zurich have been named the world's most expensive cities in 2023, according to a report by the Economist Intelligence Unit (EIU). The study also highlighted that the global cost of living crisis is far from over. This is because average prices for more than 200 commonly used goods and services increased by 7.4% year-on-year (YoY) in local currency terms.
Factors contributing to high rankings
High price levels in various categories, including transport, clothing, groceries, and alcohol, led to Singapore reclaiming the top spot for the ninth time in eleven years. The city-state is known for having the world's highest transport prices due to strict government controls on vehicle numbers. Meanwhile, Zurich's rise to the top was driven by the strength of the Swiss franc and elevated prices for groceries, household goods, and recreation.
Other cities in the rankings
Tying for third place in the EIU's rankings were Geneva and New York, with Hong Kong coming in fifth, and Los Angeles in sixth. Paris, Copenhagen, San Francisco, and Tel Aviv rounded up the top 10. The report observed that Asia has experienced comparatively lower price increases on average compared to other regions. Chinese cities, including Beijing, Nanjing, Dalian, and Wuxi have dropped in rankings in 2023, along with Tokyo and Osaka in Japan.
A brief background of the survey
The 2023 survey covers 173 major cities across the world. Two cities were excluded, including Caracas (which faces hyperinflation as was the case in 2022), and Kyiv (which was not surveyed last year as well). It is important to note that no Indian city found a place in the list of the top 10 most expensive places to live in.
