Singapore is the world’s most expensive city, and it has held this title 3-years in a row.
According to the researchers at Economic Intelligence Unit (EIU) who charted the expense of cities by comparing them to the cost of living in New York, Singapore was the most expensive city to live in.
The silver lining in the report is, compared to a similar survey by EIU in 2015, the relative costs in Singapore fell by 10 percent.
Singapore was ahead of other cities like Zurich, Hong Kong, Geneva, Paris, London and New York. The cheapest cities were Lusaka, the capital of Zambia, followed by Bangalore and Mumbai in India, the EIU said.
The survey compares the cost of a basket of more than 160 items, from food, toiletries and clothing to domestic help, transport and utility bills, across 133 cities.
EIU researchers said they saw considerable movement in the rankings as cities coped with the rising US dollar, currency devaluations, as well as slumping oil and commodity prices.
“In nearly 17 years of working on this survey I can’t recall a year as volatile as 2015,” said Jon Copestake, an editor of the survey,
“Falling commodity prices have created deflationary pressures in some countries, but in others currency weakness caused by these falls has led to spiralling inflation,” he added.
The information gathered for the survey is designed to be used online as a way to calculate the cost of relocating and living for expatriates and business travellers.Follow us on Social Media
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