The Economist Intelligence Unit (EIU, based in the UK) said today, November 30, that Singapore and Zurich (Switzerland) jointly topped the list of cities with the most expensive cost of living in the world in 2023.
Geneva (Switzerland) and New York (USA) tied for third place, while Hong Kong (China) ranked fifth and Los Angeles (USA) sixth, according to the EIU's official website.
Singapore is the most expensive city to live in 2023
This is the ninth time in 11 years that Singapore has topped the list due to high prices in some categories. The city has the highest transportation costs in the world due to strict government controls on car ownership. It is also one of the most expensive places for clothes, groceries and alcohol, Reuters reported.
The rising cost of living in Zurich reflects the strength of the Swiss franc. It is also the result of rising prices for groceries, household goods and entertainment.
Singapore most expensive in the world 2023
Meanwhile, Asia continues to see relatively lower average price increases compared to the rest of the region.
The index comes amid a global cost crisis that has not yet ended. Prices for more than 200 common goods and services rose 7.4% year-on-year in local currency terms on average in the first quarter of 2020. While that is down from last year’s record 8.1% rise, it is still significantly higher than the 2017-2021 trend, according to the EIU.
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