Hong Kong: According to the most recent information, Zurich and Singapore are tied for the top spot among the world’s costliest cities this year. The Economist Intelligence Unit (EIU) report, which also warns about the persistent global cost-of-living crisis, shares these data. Hong Kong ranked fifth in the ranking, behind New York and Geneva in third place. Additionally, the average yearly price increase for more than 200 commonly used goods and services was 7.4% in local currency, which is less than the record 8.1% increase in 2017. The study found that the prices are still “majorly higher than the trend in 2017–2021,” notwithstanding this.
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Singapore has regained its top place for the ninth time in the last eleven years due to high costs in multiple categories. The city-state has the priciest transit in the world because of strict government restrictions on the number of cars that are permitted.
When it comes to groceries, clothing, and alcohol, it’s also one of the most expensive. The strong Swiss franc and the soaring prices of groceries, household products, and recreational activities were blamed for the increase in Zurich.
Moreover. Los Angeles placed sixth on the list. It’s said that price increases in Asia are still generally lower than in other regions. Four Chinese cities have seen a fall in their rankings, according to the list,i.e., Beijing, Shanghai, Wuxi, and Dalian; in contrast, Japan’s Tokyo and Osaka are this year’s two biggest decliners.
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