Singapore and Zurich have clinched the joint title for the world's most expensive cities this year, as outlined by the Economist Intelligence Unit (EIU) in its recent report. Following closely behind are Geneva, New York, and Hong Kong. Despite some improvement from the peak of last year, where prices surged by 8.1%, this year's average increase of 7.4% in local currency for more than 200 commonly purchased goods and services remains notably high, surpassing the trends observed between 2017 and 2021, cautioned the EIU.
Singapore's reclamation of the top spot, for the ninth time in the last eleven years, is attributed to consistently high prices across various categories. The city-state boasts the world's costliest transportation due to stringent government restrictions on car ownership. Additionally, it ranks among the most expensive cities for clothing, groceries, and alcoholic beverages.
Zurich's ascension in the rankings is credited to the robust Swiss franc and elevated prices for groceries, household items, and leisure activities, as stated by the report.
Geneva and New York share the third spot, with Hong Kong securing the fifth position, followed by Los Angeles in sixth place. Notably, the report highlights that Asia experiences relatively lower average price increases compared to other regions.
The rankings reveal a decline for Chinese cities, with Nanjing, Wuxi, Dalian, and Beijing marking significant downward shifts this year, alongside Osaka and Tokyo in Japan.