Tuesday, March 21, 2017 3:04 pm
SingaporeSingapore has been ranked the most expensive city in the world for the fourth time in a row, a report by the Economist Intelligence Unit has said.
The ranking is a result of a survey which compared a city’s cost of living to that of New York.
Four Asian countries dominated the top five, with Hong Kong taking second spot followed by Zurich, Tokyo and Osaka.
The 2017 “Worldwide Cost of Living’’ survey compared prices of 160 products and services in 133 cities.
In spite of Singapore being the priciest city to buy and maintain a car and the second-priciest to buy clothes, the survey said the city-state offers “relative value’’ in some categories as compared to other Asian cities.
“For categories such as personal care, household goods and domestic help, Singapore remains significantly cheaper than its peers,’’ it said.
In terms of food and drink, the survey said that Singapore’s cost of living is at par with Shanghai.
A kilogramme loaf of bread in Singapore costs 3.55 U.S. dollars, but costs 7.41 dollars and 14.82 dollars in Tokyo and Seoul, respectively, according to the survey.
The Economist Intelligence Unit’s researchers surveyed a range of stores, supermarkets, mid-priced stores and higher-priced speciality outlets to collect more than 50,000 individual prices every March and September. (dpa/NAN)