According to the Worldwide Cost of Living 2016 survey conducted by the Economist Intelligence Unit (EIU), Singapore is ranked the most expensive city in the world surpassing Switzerland (2nd), Hongkong (3rd), New York (7th) and Seoul (8th). This is the 3rd time Singapore is consecutively ranked the most expensive in the world.
Some of the key areas the EIU identified is the Singapore’s COE system in transport, shopping for clothes and public utilities bills. While falling oil prices have soften the rate of inflation in other countries, Singapore see little or no cost-savings passed down to consumers in petrol prices and utility bills. The government consumer association however declared that there were no anti-competition practices among the oil companies in Singapore.
In 2015 when EIU published their survey ranking Singapore as the most expensive city in the world, the Singapore government was embarrassed and retorted by using their government academia unit Lee Kuan Yew School of Public Policy to conduct their own survey. The government-controlled university ranked the country themselves as 48th most expensive, a stark contrast to the top 5 positions conducted by other international surveys like Mercer’s (Singapore ranked 4th) and EIU’s.
The Singapore government likes to conduct its own surveys and rank themselves favourably. Just earlier this week, the Transport Ministry conducted it’s own survey and concluded that Singaporeans are happiest ever about the state of public transport since 2010.