16:08 - 30.11.2023

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November 30, Fineko/abc.az. Singapore and Zurich shared the title of the most expensive city in the world in 2023, ABC.AZ reports with reference to the Economist Intelligence Unit (EUI).

The EUI study of the cost of living around the world showed that in 173 largest cities in the world, on average, prices increased by 7.4% in annual terms in local currency. At that, the rate of price growth has slowed down from 8.1%, which was reported in last year's survey, but this remains significantly higher than the trend observed in 2017-2021.

It is reported that Singapore has retained its position as the most expensive city in the world for the ninth time in the last 11 years, equaling the score with Zurich, which rose from 6th place. At that, New York, which shared the 1st place with Singapore in 2022, dropped to 3rd place this year.

According to the study, Zurich, which returned to the top three years later, rose to the top spot thanks to the strong Swiss franc, as well as high prices for food, household and leisure goods.

Four of the 10 most expensive cities are European. Paris ranks 7th, while Copenhagen and Tel Aviv share the 8th place. The latter topped the list in 2021.

Moscow and St. Petersburg fell the most in the ranking, dropping to 142nd and 147th places, respectively.

The cheapest city on the list is Damascus, a little more expensive is Tehran.