Singapore –
Singapore will again become the most expensive city to live in in 2023. This position is followed by Zurich and in third place is New York.
Reporting from CNBC, Friday (1/12/2023) the position of the most expensive city was the ninth time occupied by Singapore in 11 years. Meanwhile, Zurich jumped from sixth place last year to second place in the world.
New York, which is often a destination for rich people, is in third place. And this position is also occupied by Geneva. The next position is followed by Hong Kong in fifth position and Los Angeles in sixth position.
Data on the most expensive city in the world is released by the Economist Intelligence Unit in its World Cost of Living survey which is conducted twice a year. The survey was conducted from August 14 to September 11 this year, comparing more than 400 individual prices on more than 200 products and services in 173 cities.
The company said Singapore took the top spot due to the high costs of groceries, alcohol, clothing and private vehicle ownership. A strong currency and high prices of household goods and leisure activities fueled Zurich’s rise.
“Similar to Hong Kong which is ranked fifth, Singapore is a small city-state that has a successful financial center,” said Syetarn Hansakul, senior analyst at EIU.
The EIU highlights that many cities continue to experience falling prices due to high inflation. With price increases of 7.4% year-on-year in local currency for more than 200 frequently used goods and services.
Although this figure is 0.7 percentage points lower than last year’s figure, it is still higher than the 2017 to 2021 trend.
“Inflation in Asia is relatively lower compared to other countries in the world, which explains why only two Asian cities are in the top 10,” said Hansakul.
“The average increase in the world cost of living in 2023 will be 7.4%. However, in Asia, the average increase is only 3%,” he continued. Hansakul added that many countries in Asia are able to control prices compared to countries in the US and Europe.
Those experiencing a decline were cities in China and Japan which were dragged down by the weakening of the Chinese yuan and Japanese yen. The Chinese cities of Nanjing, Wuxi, Dalian and Beijing all fell more than 25 places, while Tokyo and Osaka in Japan fell 23 and 27 places respectively.
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(sym/wsw)
2023-12-01 11:05:13
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