Hong Kong: Singapore and Zurich share the top spot as the most expensive cities globally this year, according to the Economist Intelligence Unit. Geneva, New York, and Hong Kong follow closely behind, with the EIU warning that the global cost-of-living crisis persists.
The report indicates a 7.4% year-on-year increase in prices for over 200 commonly used goods and services in local currency terms. While this reflects a decline from the previous year’s record 8.1% surge, it still surpasses the trend observed from 2017 to 2021.
Singapore has once again secured the leading position in the rankings for the ninth time in eleven years, owing to heightened price levels in various categories. The city-state stands out with the world’s highest transport prices, a result of strict government controls on car numbers. It ranks also among the most expensive for clothing, groceries, and alcohol.
Zurich’s climb in the rankings is linked to the Swiss franc and increased costs for groceries, household items, and recreation, as outlined in the report. Geneva and New York jointly occupy the third spot, while Hong Kong secures the fifth position, with Los Angeles closely trailing in sixth.
The report notes that Asia experiences comparatively lower average price increases compared to other regions. Chinese cities, including Nanjing, Wuxi, Dalian, and Beijing, have seen a decline in rankings this year, along with Osaka and Tokyo in Japan, marking them as biggest movers down the list.