Singapore is now ranked 10th most expensive city in the world, but economists here note that this reflects sharp exchange rate movements rather than changes in living costs.
Dramatic shifts in currency values have propelled Singapore towards the top of a survey of the world's most expensive cities. The Republic leapt five places to 10th costliest city in the world in just six months, as European cities like Brussels and Dublin have become relatively cheaper places following the euro's plunge in value, according to the Economist Intelligence Unit (EIU) survey of 140 cities. London fell from 8th to to an incredible 27th on the list - reflecting the near 30 per cent depreciation of the British pound against the dollar over a half-year period.
Report editor Jon Copestak said: "Two factors drive the relative cost of living - local prices and exchange rates. Normally, the ranking of cities by cost of living is relatively stable, but in the current global climate, changes in exchange rates have significantly altered our assessment of the most and least expensive cities."