Singapore crowned as the most expensive city in Asia — Tied with Paris as 2nd most expensive city in the world - The Independent Singapore News

shows that an uptick in prices has been felt all over the world this year, with the inflation rate rising by 3.5 per cent year-on-year in local currency terms. In 2020, the inflation rate was 1.9 per cent.Supply chain problems, as well as changes in exchange rates and consumer demand, have driven up global inflation.

The recreation, tobacco, and personal care industries have also been affected by inflation. For example, the average price of a pack of branded cigarettes has risen by 6.7 per cent this year. A fair comparison would be with Hong Kong, which topped the last EIU survey in 2020. This year, it is in fifth place.

“Although most economies across the world are now recovering as Covid-19 vaccines are rolled out, many major cities are still seeing spikes in cases, leading to social restrictions. These have disrupted the supply of goods, leading to shortages and higher prices,” said Upasana Dutt, the Head of Worldwide Cost of Living at EIU.

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