Singapore ranked world’s most expensive city

Singapore has emerged as the world’s most expensive city to live in for the third consecutive year, narrowly edging past its rivals even though consumer prices have been slipping, a report by the Economist Intelligence Unit (EIU) showed.

•    The report analysed 750 secondary cities around the world and outlines factors that make cities competitive and prosper.
•    The Worldwide Cost of Living survey released on Thursday (March 10) found that Singapore remains the most expensive place in the world to buy and run a car, due to the Certificate of Entitlement (COE) system. 
•    For general basic groceries, Singapore offers the same value as New York. This compares with Seoul, which is 33 per cent more expensive.
•    Joint second place Zurich and Hong Kong, were only two points behind Singapore on the index used to compare cost of living in 140 cities.
•    Calculation of the index is based on a weighted basket of goods, which include food, toiletries and clothing, domestic help, transport and utility bills.