Singapore has jumped two places to be the sixth most expensive city in Asia, according to a global survey.
This comes on the back of a stronger local dollar against major currencies and a 5.7 per cent rise in the average price of goods and services.
For the first time, Singapore also ranked ahead of its closest competitor Hong Kong, which slipped from sixth last year to ninth position in this year.
The annual Cost of Living survey, conducted by ECA International in September this year, used indicators comprising of day-to-day goods and services such as the price of groceries, clothing and electrical goods. It measured cost of living in more than 400 cities.
“Now those same items are 8.5 per cent more expensive in Singapore than Hong Kong.”
With rising prices in the Lion City, Quane noted that this might erode some of the cost advantage that Singapore used to have over other destinations in the region.
