Singapore and Zurich are the most expensive cities to live in the world, shows the latest Cost of Living Survey by the Economist Intelligence Unit. This is the 9th time in 11 years Singapore has retained the title due to a high cost of groceries, alcohol, clothing, and owning a private vehicle. Singapore snatched the title from New York, which slipped to the third spot in this year’s Cost of Living Survey.
In the twice-yearly Worldwide Cost of Living survey, Zurich has joined the Nation-State at the top spot from its ranking of 6th the previous year. The Swiss city’s ranking went up primarily due to strong currency and high prices for household items and recreational activities.
Although three US cities (New York, Los Angeles, and San Francisco) are among the top-10, North American cities have on an average slipped down on cost-of-living rankings.
The findings of the report are based on the survey conducted between August 14 and September 11, 2023. The survey compared more than 400 individual prices across over 200 products and services in 173 cities across the world.
According to the survey, utility prices (household energy and water bills) witnessed the slowest inflation of the 10 categories covered in the survey globally. This was the fastest-rising category in 2022 and the moderation suggests an easing of the energy price shocks caused by Russia’s invasion of Ukraine. Grocery, on the other hand, saw the fastest pace of price growth.
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