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Singapore remains most expensive city worldwide

Singapore maintained its pole position as the world’s most expensive city for the ninth time in the last eleven years, tying with Zurich (Switzerland) and overtaking New York (US), which fell to third place this year, according to the EIU's Worldwide Cost of Living survey.
Singapore remains most expensive city worldwide ảnh 1Illustrative photo (Photo: VNA)
Hanoi (VNA) – Singapore maintained its poleposition as the world’s most expensive city for the ninth time in the lasteleven years, tying with Zurich (Switzerland) and overtaking New York (US),which fell to third place this year, according to the EIU's Worldwide Cost ofLiving survey.

Geneva tied in third place with New York, followed by Hong Kong, Los Angeles,Paris, Copenhagen and Tel Aviv.

The survey found that prices have increased an average of7.4% over the past year in 173 major cities, a slight slowdown compared to arecord 8.1% inflation in 2022. The study is based on the price of 200 productsand services.

Upasana Dutt, head of Worldwide Cost of Living at EIU, saidtthe cost-of-living crisis is hardly over and price levels remain much abovehistorical trends. The expert expected inflation to continue to decelerate nextyear, as the lagged impact of interest-rate rises starts affecting economicactivity, and in turn, consumer demand.

The cheapest city in the world is Damascus (Syria), followed by Tehran (Iran)./.
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