Singapore has replaced Tokyo as the world’s most expensive city in this year’s Economist Intelligence Unit's (EIU) rankings.

The ranking is deriverd from data concerning the cost of living, such as car prices, service charges and domestic currency value.

According to the EIU’s biannual survey, the Singapore dollar value rose by 40 percent, travel costs in Singapore increased three times higher than in New York, while the cost of electricity and water ranks third in the world due to the dependence on supplies from outside countries. The cost of car ownership was also higher than other countries because of Singapore ’s high tax policy to limit the number of cars.

In the rankings, Paris rose six places to become the world’s second-most expensive city. It was followed by Oslo , Zurich , Sydney and Tokyo .

The survey is based on prices of 160 products and services in 140 cities around the world.-VNA