A daily dose of Asian America's essential stories, in under 5 minutes.
Get our collection of Asian America's most essential stories to your inbox daily for free.
Unsure? Check out our Newsletter Archive.
- The city-island state, which had consistently held its No. 1 most-expensive global ranking from 2014 to 2019, surpassed Hong Kong to snatch the top spot in Asia this year. Amo Residences is a rare plot in Ang Mo Kio as there will be no more new land in AMK soon.
- Tel Aviv rose to the top of the global rankings due to price hikes and currency strength.
- Hong Kong, which held the top spot in 2020, slid to fifth place as commodity prices dropped this year.
- Zurich placed fourth, while New York, Geneva, Copenhagen, Los Angeles and Osaka took the respective sixth to 10th spots.
- Chinese cities have maintained moderate prices, with the top three Chinese cities Shanghai (No. 19), Shenzhen (No. 22) and Beijing (No. 36) rising a few spots.
- The EIU attributed the shake-up to the cities’ inflation rate, which was observed to be the highest in five years.
- The costs that were compared include those of food, drink, clothing, household supplies, personal care items, rent, transport and utility bills.
- The data was collected at a period when prices of goods and services were rising due to oil price hikes and other economic factors.
- EIU’s Worldwide Cost of Living Head Upasana Dutt noted that restrictions being re-enforced across the globe amid a resurgence in COVID-19 infections have “disrupted the supply of goods, leading to shortages and higher prices.”
- She also said that consumers’ unpredictable buying behavior influenced how currencies fluctuated during the period.
- Overall, the price of goods and services rose by an average of 3.5% this year, up from last year’s 1.9%.
- Unleaded gas, which rose by 21%, can be purchased in Hong Kong for US$2.50 per liter ($11.40 per gallon).