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Singapore, the four Asian dragons with the highest cost of living in the world, ranks first

Singapore, the four Asian dragons, is known as the city with the highest cost of living in the world, ranking first for the fifth consecutive year. Singapore is ahead of New York, London and Los Angeles, and New York, London and Los Angeles did not rank among the top 10 in the 2018 Economist Intelligence Unit (EIU) global cost of living survey.

The annual ranking of the Economist Intelligence unit compares the prices of more than 150 commodities in 133 cities around the world, such as bread, wine, cigarettes and gasoline. It is designed to help hiring managers calculate fair pay when moving employees overseas.

Singapore's highest ranking reflects regional trends. With the expansion of the economy, the cost of living in some parts of Asia has increased. Hong Kong ranks first in the Asian region and Seoul, South Korea, ranks seventh. But some of the cheapest cities in the world are still in Asia, such as India and Pakistan. Europe is also still expensive - Paris, Zurich, Oslo, Geneva and Copenhagen are in the top 10. The only city outside Asia or Europe in the top 10 is Sydney.

At the same time, the depreciation of the US dollar in 2017 led to New York and Los Angeles falling to 13th and 14th respectively. Bangalore, Chennai, Karachi and New Delhi are among the ten cheapest regions this year.