The Economist Intelligence Unit (EIU) reported that Singapore and Zurich were recognized as the most expensive cities in the world this year. They are followed by Geneva, New York, and Hong Kong. It was also mentioned that prices related to life and livelihood continue to rise worldwide.
On average, local currency prices for more than 200 commonly used goods and services rose 7.4% year-on-year, down from a record 8.1% increase last year but still well above the 2017–2021 trend, the report said.
Singapore topped the rankings for the ninth time in eleven years due to high prices in several categories. It has the highest transport prices in the world due to government restrictions and strict controls on the number of cars. It is also one of the most expensive for clothing, groceries, and alcohol.