Singapore is the world's most expensive city for the fifth
straight year in the Economist Intelligence Unit's latest Worldwide
Cost of Living report, with Paris and Zurich tied for second
place.
Asia Pacific and European destinations dominated the ranks of
costliest cities identified in the report released this week. Tokyo
and Osaka were conspicuous in their absence from the top 10, edged
out by low inflation.
As recent as 2013, Tokyo was the world's costliest city to live
in. The Japanese capital dropped seven places to 11th over the past
year. Hong Kong, last year's second-most expensive city, slipped to
fourth place.
Sydney rose four notches to break into the top 10, with Oslo,
Geneva, Zurich and Copenhagen also climbing the list compiled from
a survey of 160 items across 133 countries.
"Currency fluctuations continue to be a major cause for changes
in the ranking," the EIU said.
A weakening dollar meant no American city was among the 10 most
expensive despite a rise in the relative cost of living in the US
over recent years, the EIU said. The report named New York and Los
Angeles as the 13th and 14th costliest, down from ninth and 11th
position last year.
The dollar fell against all G-10 currencies last year, with the
euro rising more than 14 per cent.
Paris is the only euro zone city among the top 10 most expensive
even as the euro rallied. The EIU said the French capital remained
"structurally extremely expensive to live in, with only alcohol,
transport and tobacco offering value for money compared with other
European cities."
Tel Aviv was the sole Middle East metropolis among the top 10.
Transport costs there are 79 per cent above New York prices, the
report found.
Car ownership was a factor behind Singapore's top ranking.
However, the report noted that the city-state remains significantly
cheaper than its peers in terms of household goods and hiring
domestic help.
Though Asia is home to the world's most expensive places to
live, it also has some of the most affordable. South Asian cities
including Bangalore, Chennai, Karachi and New Delhi provided good
value for money, the report noted. This year, the Syrian capital of
Damascus and Venezuela's Caracas were ranked the world's cheapest.
BLOOMBERG