Singapore now world’s second most expensive city: Economist

Singapore was recognized for its pricey lifestyle today in an annual study. 

The tiny island with over five million people vaulted from fourth to second to tie with Paris as the world’s most expensive city to live, according to The Economist.

Israel’s capital Tel Aviv topped the Worldwide Cost of Living survey conducted by the newspaper’s research arm and published Wednesday.

Rounding out the top 10, in descending order, were Zurich, Hong Kong, New York, Geneva, Copenhagen, Los Angeles, and Osaka.

The poll found the rate of inflation across the cities has “accelerated” since the pandemic began, rising to 3.5% from 1.9% last year, and 2.8% in 2019. It is the fastest rate recorded in the past five years.

The survey compiled prices for more than 200 goods and services including recreation, petrol, and tobacco in 173 cities, 40 more than last year. Researchers noted the prices of products and services from a range of stores.

The data was then converted to US dollars and compared to New York as the base line.

In last year’s survey, Paris, Zurich and Hong Kong shared the No. 1 spot.

According to the findings, Tel Aviv climbed to the top on the back of a strong New Shekel, which has driven higher transport and grocery prices.

Meanwhile, at the bottom of the list, war torn Damascus and Tripoli were among the cheapest cities in the world.

Image: Economist Intelligence Unit

Image: Economist Intelligence Unit

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