HONG KONG: Hong Kong has been ranked the world's fifth most expensive city this year, the Economist Intelligence Unit (EIU) said on Thursday (Nov 300.
Singapore and Zurich tied for the world's most expensive city, bumping New York, which tied with Singapore for first place in 2022, down to third place.
Chinese cities have fallen in the rankings with four cities – Nanjing, Wuxi, Dalian, and Beijing – among the biggest movers down the rankings this year along with Osaka and Tokyo in Japan.
In its Worldwide Cost of Living 2023 report, the EIU cautioned that the global cost-of-living crisis was not yet over.
Saying that many cities across the world continue to struggle with a cost-of-living crisis, which has sent prices soaring over the past two years, the EIU said this year’s survey – conducted between Aug 14 and Sept 11 – found that prices had risen by 7.4 per cent on average year-on-year in local currency terms for over 200 commonly used goods and services.
Asia continues to see relatively lower price increases on average compared to other regions, it said.
The top 10 this year consists of two Asian cities (Singapore and Hong Kong), four European cities (Zurich, Geneva, Paris and Copenhagen), three US cities (New York, Los Angeles and San Francisco) and Tel Aviv in Israel.
Geneva and New York tied for third place, while Los Angeles in sixth. Paris came seventh, Tel Aviv and Copenhagen jointly eighth, and San Francisco tenth.
Singapore, which regained the top of the rankings for the ninth time in the past 11 years, is particularly expensive for transport and clothing, said the EIU, adding that the sky-high cost of car ownership, pricey alcohol, and rising grocery prices saw Singapore pull ahead of New York.
Zurich's rise reflected the strength of the Swiss franc and high prices for groceries, household goods, and recreation, it said.
The EIU survey was conducted before the start of the Hamas-Israel conflict, which has affected the exchange rates in Israel and may have made it harder to procure some goods in Tel Aviv, thereby affecting prices. - China Daily/ANN