According to a recent report by the Economist Intelligence Unit (EIU), New York City and Singapore have been ranked as the world's most expensive cities. The report surveyed the cost of living across various countries, and found that inflation had surged to 8.1% due to the Ukrainian war that occurred in 2022.
Notably, Singapore has appeared on this list eight times in the past decade, while New York has made its first appearance in the top rankings, as the dollar has remained strong throughout the year. The third spot on the list is held by Israel's Tel Aviv, which had occupied the top position in last year's ranking.
How do other countries in Asia fare?
As for the rest of Asia, the inflation rate for the continent in 2022 stood at 4.5% yesterday, which is lower than the global average. Despite this, Singapore still maintained its position at the top of the list due to its high inflation rate.
In contrast, six cities in China saw an increase in rankings, with Shanghai breaking into the top 20. Japan is also faring well with low interest rates, and both Tokyo and Osaka ranking at 24th and 33rd places, respectively.
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