High inflation and currency movements led Singapore to be tied at the top spot as the most expensive city for living, according to a recent survey by the Economist Intelligence Unit.
Along with New York, Singapore was tied in the top spot as the most expensive city in the world for living, according to the «Worldwide Cost of Living» survey by the «Economist Intelligent Unit» (EIU).
Singapore and New York rose from the second and sixth positions, respectively, in last year’s rankings and dethroned Tel Aviv which fell to third place.
This marks the eighth time in ten years that Singapore has secured the top position as the costliest city for living.
Inflation, Exchange Rate
Across the board, the cost of living in major cities was affected by inflationary pressures as well as the strengthening dollar.
Singapore is amongst the most expensive cities for clothing, alcohol, tobacco and more due to its business hub status, EIU said, including the world’s highest price for transport.
Top 10
After Singapore, New York and Tel Aviv, Hong Kong ranked fourth followed by Los Angeles, Zurich, Geneva, San Francisco, Paris and Copenhagen to round out the top 10.
«The war in Ukraine, Western sanctions on Russia and China’s zero-covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world,» the EIU explained, noting that the average price rise this year is the highest in the survey’s 20-year digital history.
