Jakarta, CNN Indonesia —
The Economist Intelligence Unit (EIU) noted three cities in Asia with the highest cost of living this year. The three are Singapore, Hong Kong and Osaka.
The list is revealed in survey entitled ‘Worldwide Cost of Living (WCOL) 2021’. From the list, Singapore is in third position under Tel Aviv and Paris of the ten countries with the most expensive cost of living in the world.
Meanwhile, Hong Kong is in fifth position followed by Osaka in tenth position.
EIU data reveals surging price increases contributed to the fastest rise in the cost of living for city dwellers in five years.
Survey data was collected between August 16 and September 12, 2021, when freight fares and commodity prices rose worldwide.
In addition, fluctuating consumer demand, shifts in exchange rates and the resulting supply problems have fueled price increases in the world’s major cities.
The EIU’s WCOL 2021 Index, which tracks the cost of living in 173 cities worldwide also revealed the prices of goods and services covered by WCOL increased 3.5 percent (yoy) in local currency, compared to last year’s 1.9 percent increase.
Transportation costs rose the fastest in this year’s survey, mainly due to rising oil prices which pushed up gasoline prices by 21 percent. In addition, the recreational, tobacco, and personal care categories also showed strong increases.
EIU’s Head of World Cost of Living Upasana Dutt said while most economies around the world were now recovering when the COVID-19 vaccine was launched, many major cities were still experiencing a spike in cases, leading to social restrictions. This disrupts the supply of goods leading to scarcity and higher prices.
“We can clearly see the impact in the index this year, with a very notable increase in gasoline prices,” Dutt was quoted as saying in the report. EIU, Thursday (2/12).
Here’s a complete list of the ten most expensive cities to live in in the world:
1. Tel Aviv, Israel
2. Paris, France
2. Singapore
4. Zurich, Swiss
5. Hong Kong
6. New York, United States of America
7. Geneva, Swiss
8. Copenhagen, Denmark
9. Los Angeles, United States of America
10. Osaka, Japan
(mrh/sfr)
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