Move Over, New York. 2 Other Cities Are Now World's Most Expensive
NDTV
Chinese cities were among the biggest movers down the rankings, mainly due to the country's slow post-pandemic recovery and subdued consumer demand.
The sky-high cost of car ownership, pricey alcohol and rising grocery prices saw Singapore pull ahead of the US city, with which it shared top spot last year, according to the Economist Intelligence Unit's Worldwide Cost of Living 2023 report.
Zurich jumped from sixth place last year to joint first, thanks in part to the strong Swiss franc, as well as expensive groceries, household goods and recreation.
Geneva, tied with New York in third position, and Hong Kong rounded out the list of the top five costliest places. Overall, global prices rose an average 7.4% year-on-year in local currency terms, slightly down on last year's 8.1% increase.
