The Economist Intelligence Unit (EIU) has recently published its Worldwide Cost of Living Index for 2023.
As Statista’s Anna Fleck reports, in this edition, Singapore and Zurich jointly top the ranking as the most expensive cities in the world to live in.
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Singapore was already number one in 2022, alongside New York, while Zurich has risen from the sixth position it held in last year’s list. Its ascent is attributed to the strength of the Swiss franc and high prices for food, household items, and leisure.
The publication also highlights the high cost of transportation and clothing in Singapore.
New York has dropped to the third place, where it ties with another Swiss city, Geneva.
Two other U.S. cities (Los Angeles and San Francisco) also rank among the top ten, along with Hong Kong, Paris, Copenhagen, and Tel Aviv.
The annual index compares prices of over 200 everyday products and services such as food, clothing, rent, or transportation in 173 cities worldwide.
The cities included in the study are compared to the base city of New York, with an index set at 100.
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