Singapore maintains spot as world's most expensive city, tied with Zurich: EIU
Singapore maintained its spot as the most expensive city in the world, tying with Zurich, an annual survey showed on Nov 30.
The pair overtook New York, which tied with Singapore last year for the pole position, based on findings from Economist Intelligence Unit's (EIU) cost-of-living survey.
The survey, designed to help organisations calculate cost-of-living allowances and build compensation packages for expatriates and business travellers, showed that the global cost-of-living crisis is not over despite inflation moderating.
On average, prices rose by 7.4 per cent yearly in local currency terms. Although price growth slowed from the 8.1 per cent reported in the same period last year, it remains significantly above the 2017 to 2021 trend.
The Republic continued to observe high price levels across several categories, notably transport due to strict controls on car numbers.
“It is also among the most expensive cities for clothing, groceries and alcohol, due to its success as a premier location for business investment,” EIU noted.