The Economist Intelligence Unit (EIU, headquartered 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
Singapore has topped the list for the ninth time in 11 years, thanks to high prices in several categories. The city has the world's highest transportation costs due to strict government controls on car ownership. It is also one of the most expensive places for clothing, 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 sharp increases in the prices of groceries, household goods and entertainment.
Singapore most expensive in the world 2023
Meanwhile, Asia continued 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 by an average of 7.4% year-on-year in local currency terms, down from last year’s record 8.1% rise but still significantly above the 2017-2021 trend, according to the EIU.
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