Economy
Zurich, Singapore world’s most expensive cities: The Economist
Zurich and Singapore top The Economist’s expensive cities list, surpassing New York. The global cost of living crisis persists, with a predicted inflation deceleration in 2024. European cities and Russian cities like Moscow and Saint Petersburg see notable changes. Damascus is the cheapest city, followed by Tehran.
PARIS, FRANCE — Zurich and Singapore are the most expensive cities in the world ahead of New York amid the ever-rising cost of living, according to rankings published Thursday by The Economist magazine.
The British weekly estimated that prices have increased an average of 7.4 percent over the past year in 173 major cities, a slight slowdown compared to a record 8.1 percent inflation in 2022.
“The cost of living crisis is far from over and price levels remain well above historic trends” said Upasana Dutt, who led the study, which is based on the price of 200 products and services.
“We expect inflation to decelerate further in 2024,” she added, due to the effects of interest rate hikes by central banks to fight price increases.
Zurich dethroned New York, which topped the rankings last year alongside Singapore.
Four of the top 10 cities are in Europe, a result of continued high inflation affecting food and clothing, as well as the appreciation of the euro against the dollar.
The ranking is made in dollars, and converts other currencies to the greenback accordingly, which results to higher prices in the eurozone as the euro strengthens.
In addition to Zurich, Geneva tied in third place with New York, followed by Hong Kong and Los Angeles.
Paris placed seventh, while Copenhagen and Tel Aviv — which topped the ranking in 2021 — tied at eighth.
San Francisco rounded out the list.
The largest drops in rankings were seen by the Russian cities Moscow, listed at 142nd place, and Saint Petersburg at 147, a reflection of the weakening ruble due to hefty sanctions in response its war in Ukraine.
The cheapest city in the world is Damascus, according to the ranking, followed by Tehran.
— AFP
Notice to Our Readers: Moving Back to The Online Citizen
Construction worker dies in Changi worksite accident; Driver arrested
Consumers Association of Singapore fined S$20,000 for PDPA breaches following two data security incidents
Singapore’s Yip Pin Xiu secures historic three-peat at Paris Paralympics
Jamus Lim on Minister Chee Hong Tat’s remarks on fiscal policy: Calls for genuine debate over rhetoric
Philippine migrant group in SG hosts successful blood donation drive
China’s ex-convict jailed six years in Singapore for S$6.7M crypto scam
Chee Hong Tat’s call for fiscal prudence rings hollow amid contradictory government spending
UN food agency halts operations in Gaza after vehicle shot by Israeli forces
KL City Hall cancels National Day event following sinkhole incident
Swiss court convicts 2 executives for embezzling S$1.8 billion from 1MDB
To follow on earlier comment that elders collect cardboard to earn a few dollars for living expenses; to my Swiss friends, I also shared that elderlies here also sell tissues and clean tables or toilets in food courts. Many locals also need to drive up to JB for fuels to save some bucks but saving limited by the 3 quarter tanks rule by peeApee which I try to explain with great effort. My Swiss friends were in shock with certain disbelief, exclaiming that Singapore is expensive like Switzerland. I assured them that there only thing in common for both country… Read more »
There is no need to have some index to tell us we are living in the most expensive city in the world (although we share the “honour” with Zurich), WE ALREADY KNOW THAT! The thing is, what is the government doing to ameliorate the high cost of living? Dishing out bits and pieces in payouts resolve some pain only temporarily. We need a more sustained solution. A good start would be to establish a living wage as proposed by reserchers in 2019 and in the Minimum Income Standards Report 2023. By the way, I find it unfathomable that the Dec… Read more »
Do Swiss earn a piety few hundred dollars a month or collect cardboard to earn a few dollars as living expenses in their old age? No, their standard of living is authentic Swiss standard of living. Here in SG, after been overrun by millions of aliens over the last 2 decades, and coincidentally it’s during Loong’s term that our population is expanded with all types of people from mainly 3rd world countries, our standard of living actually went reverse. From the then more prosperous 1990s where we all mainly native were more well off able to buy bigger HDB flats… Read more »
I remember someone said something about Swiss standard of living? Now it’s official that we are having Swiss standard of pricing but obviously the citizens are in 3rd world country standard of living.
Ask the ONE that you refuse to Name instead of pointing arrows at Silliporean or Sheepgaporean. The leaders are the “capable” and sovereign ones that can switch ppl to animals, things labels. They are Both the Israelis and Hamas dual Overlords using the ID of everyone. Ask the Big Bosses why they dun want to Say these People, sanction them or ask them to step down ….
Finally the dishonourable son can peacefully stepdown and leave this legacy.
Well done. Bloody good job. Keep at it !!!
In the true spirit of togetherness, … the muppets and moronic majority on thee island, along with the lightning party policies and all of it’s cohorts, … have worked tirelessly to ensure that the red dot remains and retains its exclusively and exceedingly expensive status !!!
An achievement, no doubt, … SillyPoreans are mightily proud to brag about, to go with with it’s most powerful passport, most affordable and accessible public housing and most highly paid president and prime minister !!!
Well done. Bloody good job. Keep at it !!!
20 million more CECA Trash from India coming into Singapore!!!
Singaporeans are really and truly FUCKED!!!
PAP ministars and MadPees will come out and say they can recommend $3.50 chai png stores all over the island!
Imbeciles!
Another of Loong’s “No.1’s for SG” achievements. Like his No.1 salary in the world for SG. But the 61% is so proud to have such be No.1 rankings.
I rmb what seems to be an intentional retarded comment by the now President previously mentioned that in the EU basket of items for COL calculation, include cheese item and WSJ media which Sheegapreans do NOT CONSUME.
Whats the interpretation between the lines – for one treated Sheegaporeabs AS A STUPID STOCK which is LIKELY why the many FOREIGNERS LOOK DOWN on Singapreans. And these Foreigners CLAIMED that PAP INVITED them to come (to rob our rice bowls).