Singapore and Zurich are the most expensive cities in the world this year, the Economist Intelligence Unit, the research and analytical arm of the Economist Group, announced in its survey on the cost of living in the world.
Singapore retained its position as the most expensive city in the world for the ninth time in the last 11 years, has the highest transport costs in the world and is also one of the most expensive for clothes, groceries and alcohol, according to a survey.
Zurich rose from sixth place and tied with Singapore due to rising prices of food, household and recreational goods, as well as the Swiss franc, reports Capital.ba.
New York dropped to third place, tied with Geneva, while Hong Kong was fifth. Paris, Copenhagen, Los Angeles, San Francisco and Tel Aviv rounded out the top ten.
Western Europe provides four of the ten most expensive cities, the survey showed.
Russia's largest cities, Moscow and St. Petersburg, fell in the rankings due to Ukraine-related sanctions and the exchange rate of the ruble.
The research analyzed the prices of more than 200 goods and services in 173 large cities.
On average, prices in all categories increased by 7,4 percent compared to last year in local currency.
This was below the record jump of 8,1 percent recorded last year, but significantly higher than in the previous five years.
Utility prices in most cities appear to have risen at the slowest pace over the past year, while food prices have shown the largest increase.
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