New Ranking Reveals: Two Cities Top the List of World’s Most Expensive in 2021, with New York Securing Third Spot

Singapore and Zurich have been named the most expensive cities in the world this year, according to a report by the Economist Intelligence Unit (EIU). The report also revealed that the global cost-of-living crisis is ongoing.

The prices of over 200 commonly used goods and services have risen by an average of 7.4% year on year, although this is lower than last year’s record increase of 8.1%. However, it is still significantly higher than the trend between 2017 and 2021.

Singapore reclaimed the top spot in the rankings for the ninth time in the last eleven years due to high price levels across various categories. The city state has the highest transport prices in the world, largely due to government controls on car numbers. It is also one of the most expensive cities for clothing, groceries, and alcohol.

Zurich’s rise in the rankings can be attributed to the strength of the Swiss franc and high prices for groceries, household goods, and recreation.

Geneva and New York tied for third place, while Hong Kong ranked fifth and Los Angeles sixth.

The report also noted that Asia has seen relatively lower price increases compared to other regions.

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