Singapore Tops List of the World’s Most Expensive Cities in 2023 by EIU

In the recently released cost-of-living index by the research and analysis division of The Economist, the Economist Intelligence Unit (EIU) named Singapore as one of the world's most expensive cities, along with Zurich.

The report indicates that, on average, prices for over 200 commonly used goods and services have increased by 7.4% year-on-year in local currency terms. Although this marks a decrease from the record 8.1% surge observed last year, the current rate remains "significantly higher than the trend in 2017-2021."

Claiming the top spot for the ninth time in the span of 11 years, Singapore recorded an index value of 104, beating New York with 100.

Additionally, Hong Kong attained a score of 98, maintaining a notably high index value despite experiencing relatively lower price increases in Asia compared to other regions.