The ten most expensive cities in the world
Singapore and Zurich are the most expensive cities in the world this year, the Economist Intelligence Unit (EIU), the research and analytical arm of The Economist Group, found in a global cost of living survey released this week.
Singapore retained its position as the world's most expensive city for the ninth time in 11 years, has the highest transport costs in the world and is also one of the most expensive for clothes, groceries and alcohol, the survey found.
Zurich rose from sixth place to equal Singapore due to rising prices for food, household and leisure products, as well as the Swiss franc. New York fell to third place, tied with Geneva, while Hong Kong was fifth.
Paris, Copenhagen, Los Angeles, San Francisco and Tel Aviv rounded out the top ten. The survey was conducted before last month's escalation of hostilities in Gaza, the report said.
Western Europe dominates
Western Europe accounts for four of the ten most expensive cities due to high inflation, especially for food and clothing, the survey found. Russia's largest cities, Moscow and St. Petersburg, fell in the rankings due to Ukraine-related sanctions and the exchange rate of the ruble.
The region should grow faster
The research analyzed the prices of more than 200 goods and services in 173 major cities. On average, prices across all categories rose 7,4% year-on-year in local currency, the survey found. This was below the record 8,1% jump seen last year, but significantly higher than in the previous five years. Utility prices appear to have risen at the slowest pace in most cities over the past year, while food prices have seen the biggest increase.
This is how it looked last year:
New York (USA)
Tel Aviv (Israel)
Hong Kong (China)
Los Angeles (USA)
San Francisco (USA)