Singapore has again been announced as the world’s most expensive city to live in, on par with Zurich, according to a report from the Economist Intelligence Unit (EIU).
The Southeast Asia hub has claimed the top spot for the ninth time in the last eleven years, while Switzerland’s largest city jumped from its sixth place in last year’s ranking, according to the Worldwide Cost of Living 2023 report released on Thursday.
Zurich’s move up after three years of hiatus was led by the strength of the Swiss franc and high prices for groceries, household goods, and recreation, the report explained.
New York, which was joint top in 2022, dropped to third place, tying with Geneva.
The Russian cities of Moscow and St Petersburg saw the largest drop in the ranking as the ruble was weakened by war-related sanctions.
The report revealed that prices hiked by 7.4% at an annualized pace in local currency terms for more than 200 frequently used goods and services, easing from the record 8.1% rise last year.