For those who have lived and settled in Hong Kong, you will know how cheap the cost of living is in the Land of Concrete. And it turns out, the country which is home to around 150 thousand Indonesian migrant workers (PMI) is in the fifth most expensive place to live in the world.
RTHK reported that a survey conducted twice a year reported this. This ranking is down one place from last year. Above Hong Kong there are Singapore, Zurich, Geneva and New York.
Singapore itself maintains its top position as the most expensive place to live for the ninth time, equaling Zurich. "A survey conducted by the Economist Intelligence Unit (EIU) shows that easing supply chain disruptions have slowed the pace of price increases globally, but these increases remain high," as reported by RTHK.
The research firm said prices globally rose an average of 7,4 percent last year for more than 200 commonly used goods and services, which was a decline from the 8,1 percent increase seen last year. Of all the categories covered, utility prices rose the slowest over the past year, while grocery prices continued to rise strongly.
Mainland cities covered in the survey saw their cost rankings drop due to slow post-pandemic economic recovery, weakening consumer demand and a weakening renminbi. “On average, price increases in Asia remain relatively modest, with four Chinese cities and two Japanese cities among those experiencing the biggest declines in rankings this year. "Despite the positive risks, we expect inflation to slow further in 2024, reducing price increases globally," said Upasana Dutt, EIU Worldwide Head of Cost of Living.