SINGAPORE: Singapore has been ranked the third most expensive city to live in Asia and the sixth in the world.
This is according to the Worldwide Cost of Living 2013 survey conducted by The Economist Intelligence Unit.
The survey compares the cost of living among 131
cities worldwide using
New York as a base city.
Its findings show that the relative cost of living in Asian hubs
like Singapore and Hong Kong has moved higher.
This is largely due to rising wages and growth in the region, as
well as the persistent weakness in Europe.
Tokyo tops the list again this year as the most expensive city to
live in, thanks to Japanese deflation, a weaker yen and rising
prices across the world.
Among the 27 Asian cities surveyed, Chinese cities like Shanghai
and Shenzhen have seen the cost of living continue to rise.
This was fuelled by wage inflation, increasing demand for consumer
goods and strict
currency controls.
The Worldwide Cost of Living survey is carried out twice
yearly.
It compares more than 400 individual prices across 160 products and
services.
These include food, drinks, clothing, household supplies and
personal care items, home rents, transport, utility bills, private
schools, domestic help and recreational costs.
Meanwhile, economic growth has supported inflation and currency
swings in Australian cities - placing Sydney and Melbourne at the
third and fifth place in the top ten most costliest cities.
Editor of the report, Jon Copestake, said: "The cost of living in
Europe has seen relative declines, thanks to economic austerity and
currency fears. But Asian cities have also been rising on the back
of wage growth and economic optimism. This means that over half of
the 20 most expensive cities now hail from Asia and
Australasia."
However, Asia also remains host to six of the world's ten cheapest
cities - with Tehran clinching the top spot, followed by
Jeddah.
- CNA/ir
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