Singapore - Singapore has been named the world's most expensive city for living, sharing the top spot with Zurich, as per the Economist Intelligence Unit's (EIU) latest report. This marks the ninth time in eleven years that Singapore has claimed this title. The Worldwide Cost of Living 2023 report, released on Thursday, shows Zurich making a significant jump from sixth place last year to tie for the lead.
According to Philippines News Agency, Zurich's ascent to the top of the rankings, following a three-year absence, is attributed to the strong performance of the Swiss franc and high costs for groceries, household items, and recreational activities.
New York, which shared the top spot in 2022, has now fallen to third place, tying with Geneva. Meanwhile, Russian cities Moscow and St Petersburg experienced the most significant decline in the rankings. This drop was primarily due to the weakening of the ruble, a consequence of sanctions related to the war.
The EIU report also disclosed that prices rose by an average of 7.4 percent annually in local currency terms for over 200 commonly purchased goods and services. This rate of increase is a slight decrease from the record 8.1 percent surge witnessed last year.