Singapore and Zurich are named the most expensive cities in the world according to EIU

Singapore and Zurich are recognized as the most expensive cities to live in cities in the world this year. They are followed by Geneva, New York and Hong Kong. The ranking was released on Thursday, November 30, was published by the Economist Intelligence Unit (EIU). The publication also  noted that "the global cost of living crisis is not over," UNN reports.

On average, prices increased by 7.4% year-on-year in national currency for more than 200 commonly used goods and services, which is a drop compared to the record 8.1% growth last year, but still "significantly higher than the 2017-2021 trend.

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Singapore has returned to the top of this ranking for the ninth time in the last eleven years. In particular, the city-state has the highest transportation prices in the world due to strict government control over car license plates. In addition, it is also one of the most expensive cities for clothing, food, and alcohol.

The rise in prices in Zurich is due to the strengthening of the Swiss franc and high prices for food, household goods, and recreation.

Geneva and New York tied for third place, Hong Kong was fifth, and Los Angeles sixth.

According to the publication, Asia continues to experience relatively lower price growth prices on average compared to other regions.

Chinese cities have fallen in the ranking: four cities - Nanjing, Wuxi, Dalian and Beijing - have were in the ranking of the largest changes this year, along with Osaka and Tokyo in Japan.

Additionally,

Kyiv this year ranked 132nd in the cost of living index Economist Intelligence Unit. The Ukrainian capital has once again appeared on the list of of the most expensive cities in the world. Kyiv was not in this ranking after it was excluded due to the Russian invasion.