Singapore reaffirmed its status as the world’s most expensive city, tying with Zurich, according to the latest annual survey released on 30 November.
This pair dethroned New York, which shared the leading position with Singapore last year, as per the Economist Intelligence Unit’s (EIU) comprehensive cost-of-living survey.
The survey, tailored to aid organisations in gauging cost-of-living allowances and structuring compensation packages for expatriates and business travellers, shows that the global cost-of-living predicament continues to happen despite a moderation in inflation.
In local currency terms, prices witnessed an average yearly surge of 7.4%, indicating a slight deceleration from the 8.1% reported in the same period last year.
However, this decline still stands considerably above the trend observed from 2017 to 2021.
Singapore maintains its reputation for high price levels across various sectors, particularly in transportation, owing to stricter regulations controlling the number of cars.
“It is also among the most expensive cities for clothing, groceries and alcohol, due to its success as a premier location for business investment,” EIU said.
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