Zurich, Singapore world’s most expensive cities
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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.
