Singapore has retained its position as the most expensive city in the world for the second year in a row, according to a survey by the Economist Intelligence Unit (EIU).
Singapore replaced Japan’s Tokyo as the world’s most expensive city last year. Tokyo’s rank this year slipped to 11, driven by low inflation and a weak Yen.
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On the contrary, Seoul escalated quickly up the rankings and now is among the top ten from being ranked 50th five years earlier.
Singapore is followed by Paris, Oslo, Zurich and Sydney, all retaining their position from the previous year.
Along with Seoul, Singapore has been named as the most expensive destination to buy clothes.
Moreover, the complex Certificate of Entitlement system in Singapore makes car prices very high in the region, with transport costs nearly thrice that of New York.
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By GlobalDataHowever, the country has been found to offer relative value in certain categories such as basic groceries, where it is only 11% more expensive than New York.
Venezuela’s Caracas dropped 124 places, Kiev fell 38 places, and Tehran fell 61 places, mainly due to exchange rate weakness.
Best value for money is offered at Karachi in Pakistan and Bangalore in India, with Indian cities constituting four of the six cheapest.
The EIU survey included 133 cities across the globe and used New York as a base.
