Geneva and New York shared the third spot, with Hong Kong securing fifth place and Los Angeles following closely in sixth.
Hong Kong: Singapore and Zurich have jointly claimed the title of the world’s most expensive city this year, followed closely by Geneva, New York, and Hong Kong, as reported by the Economist Intelligence Unit (EIU) on Thursday. The EIU cautioned that the global cost-of-living crisis is still ongoing. Prices, on average, have seen a 7.4% year-on-year increase in local currency terms for over 200 commonly used goods and services. While this marks a slight decrease from the record 8.1% surge last year, it remains “significantly higher than the trend in 2017-2021,” according to the EIU report.
Singapore reclaimed the top spot in the rankings for the ninth time in the past eleven years, attributed to high price levels across various categories. The city-state boasts the world’s highest transport prices due to strict government controls on car numbers and ranks among the most expensive for clothing, groceries, and alcohol.
Zurich’s ascent in the rankings is attributed to the strength of the Swiss franc and high prices for groceries, household goods, and recreation.
Geneva and New York tied for third place, with Hong Kong securing fifth place and Los Angeles following closely in sixth.
The report notes that Asia continues to experience relatively lower average price increases compared to other regions.
Chinese cities have experienced declines in their rankings, with four cities—Nanjing, Wuxi, Dalian, and Beijing—emerging as among the most significant movers down the rankings this year. This trend is mirrored by Osaka and Tokyo in Japan.