EIU Reveals Annual Survey: This Year's Most Expensive City in the World is Hong Kong, While Singapore and Osaka Drop from First Place and Bangkok Falls to 46th

The annual survey by the Economist Intelligence Unit (EIU), published on Wednesday (November 18), indicates that the city with the highest cost of living in the world this year is Hong Kong, followed by Zurich in Switzerland and Paris in France. Zurich and Paris have surpassed Singapore and Osaka to take the top spot due to the strengthening of the Swiss franc and the euro.

Meanwhile, Singapore has dropped to 4th place, followed by Tel Aviv in Israel and Osaka in Japan at 5th. Geneva in Switzerland and New York in the United States are in 7th place, while Copenhagen in Denmark and Los Angeles in the United States are in 9th place.

These top 10 cities are part of a survey of 133 cities worldwide, comparing the cost of living based on prices of 138 everyday goods and services. The changes in rankings this year are largely attributed to the global COVID-19 pandemic and its economic impacts. Items such as tobacco and recreational services have seen the highest price increases, while clothing prices have decreased significantly.

The factors contributing to the decline in Singapore's cost of living include the exodus of foreign workers during the COVID-19 pandemic, along with a population contraction for the first time since 2003, leading to reduced consumer demand and deflation. Osaka has experienced similar trends, with stable consumer price indices and the Japanese government subsidizing direct costs such as public transportation fares. In contrast, Bangkok has dropped 20 places to 46th.

This year's survey also found that most cities in China have seen an increase in the cost of living due to the trade and technology war between the United States and China.

SOURCE: www.bangkokbiznews.com