According to research by the Economist Intelligence Unit (EIU), Singapore has remained at the top spot as the world’s most expensive city. The top five most expensive cities in the world also stay unchanged from last year and include Oslo, Zurich Paris and Sydney.
According to research by the Economist Intelligence Unit (EIU), Singapore has remained at the top spot as the world’s most expensive city. The top five most expensive cities in the world also stay unchanged from last year and include Oslo, Zurich, Paris and Sydney.
The EIU’s survey comprises 133 cities worldwide and compares the cost of more than 160 services and products including food, clothing and utility bills, using New York as a base. Singapore was found to be 11% more expensive than New York for basic groceries. And together with Seoul, it was found to be the most expensive place in the world for clothes with prices 50% higher than New York.
One significant point of interest is Singapore’s complex Certificate of Entitlement system, which makes car prices disproportionate. The study showed that Singaporean transport cost almost three times higher than that of New York.
Currency value makes a big impact
The EIU said it was very rare to have an unchanged top five from last year, especially considering the global drop in oil prices together with pressures of deflation in many markets. Foreign currency movements and falling oil prices had an effect on the cost of living in several cities.
Most significantly, a weaker currency in Venezuela saw Caracas drop 124 places in the ranking, from the sixth most expensive city last year, to one of the cheapest in 2015.
Some of India’s cities stand out as the least expensive in the world, with Mumbai, Bangalore and Chennai included in the five cheapest. The EIU said low wages and price subsidies on certain goods had contributed to Indian cities’ place in the survey.
Source: Economic Intelligence Unit