While it was no surprise to see Singapore topping the list once again, mostly due to the city's high cost of owning a vehicle and its expensive clothing, the report noted that food and drink in Singapore were significantly cheaper than other ranking cities, falling closer in line with costs of living in Shanghai, ranked as the 16th most expensive city.
"There is some correlation between The Economist Intelligence Unit's cost of living ranking and its sister ranking, the liveability survey", the report noted.
In terms of food and drink, the cost of living in Singapore is on a par with Shanghai, while Seoul, Tokyo and Osaka are the three most expensive places in the world to buy staple goods, the EIU said, adding that in Seoul, topping up a grocery basket is nearly 50 per cent more expensive than in NY.
An analysis of the cost of a basket of over 150 goods in 133 cities around the world has found that London has fallen 18 places in the global cost of living ranking to 24th this year, its lowest spot in two decades.
NY was the only representative from North America, slipping to ninth from seventh due to a slight weakening of the dollar.
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Thanks to the falling pound post-Brexit, London fell 18 places to 24th compared with 6th place past year.
Singapore's ranking as the world's priciest city for the fourth consecutive year is largely due to the cost of owning a auto there being the highest in the world.
Singapore, which has topped the charts as the most expensive city in the world for four consecutive years, is followed by Hong Kong, Zurich, Tokyo and Osaka, both in Japan. Although recent years have seen the relative cost of living in USA cities rise, the latest ranking reflects a fall for all but two (San Francisco and Lexington) of the 16 cities surveyed.
The most expensive 10 cities in the world were named as Singapore, Hong Kong, Zürich, Tokyo, Osaka, Seoul, Geneva, Paris, New York and Copenhagen. "Put simply, cheaper cities tend also to be less liveable". The French capital remains structurally extremely expensive to live in, with only alcohol and tobacco offering value for money compared with other European cities.
The least expensive city was Almaty in Kazakhstan.